On Tuesday, Kraken CEO Jesse Powell and Galaxy Digital CEO Mike Novogravitz spoke with Bloomberg TV about the current state of Bitcoin. According to Powell, a bitcoin (BTC) price of under $40,000 would be a “buying opportunity,” and the US dollar is “going to zero.”
On the other hand, Galaxy Digital CEO Mike Novogratz said the market is in a “healthy” correction, and that a BTC price of $40,000 “should hold.”
Powell then argued that bitcoin “certainly could” fall to around $42,000 but then added that it is difficult to predict exactly where the price of the market leader is going.
Powell said, “I’m actually paying more attention to the US dollar these days, wondering where the bottom is,” before adding “it seems like inflation is out of control, and there is no end in sight.”
Powell noted that the Bitcoin price has historically followed four-year halving cycles but that he is now of the impression that “a lot of people see anything under 40,000 dollars as a buying opportunity.”
“I was personally buying when we dipped back close to 30,000 a few months ago, and I think a lot of people have some dry powder on the sideline just waiting to come back in at rock bottom prices,” the CEO explained.
When asked about his top three predictions for 2022, Powell CEO revealed just how bearish he is on the US dollar. He remarked, “the dollar is going to zero,” and “people should start stocking up on gasoline and milk right now probably.”
Powell concluded the interview by saying that people should take on as much US dollar debt as possible!
Powell’s interview followed an earlier interview with Galaxy Digital’s Novogratz. In the interview, Novogratz stated that Bitcoin could fall further before buyers step in.
“I think bitcoin at 42,000 is a pretty important level, and low 40s should hold,” Novogratz said.
The CEO added that bitcoin now “trades heavy” as people are selling across asset classes as we head into the new year. However the “medium term” is still looking good for the cryptocurrency.
Asked if bitcoin serves as a hedge against inflation in the United States, Novogratz said that he views the cryptocurrency as “both a risk asset and something that people add to their portfolios to hedge against the debasement of fiat currency.”
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