Jess Powell, head of the Kraken cryptocurrency exchange, highlighted in a recent interview that the cryptoactives market is constantly advancing and announcing solutions and developments for an increasingly digital society. According to him, these developments show the growth and potential of the market.
However, Powell believes that, unlike other blockchain protocols, Bitcoin has no competition.
“In my opinion, Bitcoin is a great value-saving tool and has excellent technical resilience. So, I think that this digital asset will maintain its leadership position in the near future, contrary to what will happen with other cryptoactive assets in the market”, he said.
Based on that, he believes the Bitcoin price target is in the range of $1.7 to $3 million. For Powell, this value should be reached within a maximum of three years.
Ethereum
Also according to the executive, while Bitcoin has no competitor, the same cannot be said of other cryptoactives.
The swing in the CoinMarketCap Top 10 itself shows that Bitcoin is the “king”. Meanwhile, altcoins are scrambling to see which can capture the BTC hype and thereby increase their value.
On the biggest altcoin on the market, Ethereum, Powell criticized the prospects, saying the project has serious competitors. As examples, he cited Polkadot and Solana.
“Also, a number of other blockchains are emerging. They can take part of Ethereum’s fame as a smart contract platform,” he said.
In any case, he is confident that the future is the coexistence of multiple cryptoactives with different functionality.
The executive believes that competition between blockchains will increase and that, even now, it is not too late to enter this market, whether developing new products or as an investor.
Finally, Powell highlighted that, since the beginning of the year, Bitcoin has increased by 54%. In October alone, the BTC increased in price by around US$23,700.
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