Kraken’s boss Jesse Powell took to Twitter to express his views about crashing Bitcoin. He also mentioned when he thinks it will be reasonable to go all-in with Bitcoin.
Jesse Powell has been in crypto since 2011. And he is a devoted Bitcoin maximalist.
As Bitcoin keeps crashing Powell is one of those who still believes the future is bright.
Powell is not worried about crypto winter or the bear market. He actually claims he will go all-in once Bitcoin falls down to $20,000.
Bitcoin is crashing so it’s time to buy?
Powell tweeted:
“I spent half my available capital to buy BTC at $30k in July. Still holding, ofc. I told myself I’d have to see $20k to go all-in. Godspeed, paperhands. Godspeed.”
So actually Powell seems to have no worries about the crashing that Bitcoin is going through. He admits that Bitcoin could fall as low as $20,ooo and is clearly going to buy then.
He stated that he had spent half of his available capital when BTC was at $30,000 and he is still holding it.
Now, he is ready to see Bitcoin crashing to $20,000 to go all-in. Which basically means Powell is ready to buy as much Bitcoin as he can for that price.
Going “all-in” basically means using all the cash you have to buy something you want. In this case it means Bitcoin.
Why is Bitcoin so volatile?
Some analysts think the main reason why Bitcoin is crashing is the macroeconomic uncertainty.
Investors are eager to sell off risky assets, as inflation rises at the fastest pace in 40 years.
U.S. economic growth slows significantly and the Federal Reserve tightens its monetary policy, while the Russia-Ukraine war and supply issues persist.
Though some bitcoin supporters touted it as a storage of value and a hedge against inflation, it has been trading like a risk asset for the past few months.
Basically crypto exchanges and traders have been trading bitcoins the way that they trade tech stocks. That is something very different from the philosophy that Satoshi Nakamoto came up with. Bitcoin should be a finance force to liberate people rather than making their investments even more dependable from the global economy.
Source: Jesse Powell via Twitter, Marketwatch
