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Kraken’s Jesse Powell will move all-in on Bitcoin if it falls to $20,000

Kraken’s Jesse Powell will move all-in on Bitcoin if it falls to $20,000, Crypto Trading News
Jesse Powell — co-founder and CEO of crypto exchange Kraken — announced that in July of last year he used half of his capital to buy Bitcoin had used. He assured his holdings would remain untouched and pledged to go “all-in” if the primary cryptocurrency drops to $20,000.

‘Thank God, Paperhands. Thank God.’

Kraken’s top executive — Jesse Powell — doesn’t seem remotely concerned about the ongoing collapse in the market for digital assets, and Bitcoin in particular. In a recent tweet, he admitted to having invested 50% of his disposable capital in BTC in July 2021 (when the asset’s value in USD was hovering around $30,000).

Powell said he did not sell his positions. In addition, he promised to allocate his entire fortune to Bitcoin if it falls to $20,000. To get there faster, the executive urged those unable to hold their holdings during periods of heightened volatility to sell.

I spent half of my available capital to buy #BTC for $30,000 in July. Still holding, ofc. I told myself I had to see $20,000 to go all in. Thank god paper hand. Thank God.

— Jesse Powell (@jespow) May 9, 2022

The veteran has been part of the digital asset universe since 2011. And while many would think he’s already “all in enough,” he assured them that wasn’t the case.

Numerous experts in this field believe that such market crashes could provide certain benefits such as: B. The elimination of investors with “paper hands”. Meltem Demirors — CSO of CoinShares — was behind this thesis during last summer’s crypto decline.

In their view, markets cannot expand indefinitely, and contraction is part of their growth. She asserted that bitcoin “is going to stay here” and is “not going anywhere.”

Powell sees BTC below $40,000 as a buying opportunity

In late 2021, Kraken’s CEO said people should invest in bitcoin if the price is below $40,000. However, it is worth noting that BTC’s USD valuation was almost $50,000 at the time. In line with his advice to investors, he argued that the US dollar “will go to zero.”

The executive touched Bitcoin shortly after Russia’s invasion of Ukraine again. At that time, the Deputy Prime Minister of Ukraine – Mykhailo Fedorov – called on cryptocurrency exchanges to ban Russian-based users from their platforms.

Powell said he understands “the rationale behind this request,” but Kraken cannot discontinue its services to a specific customer group without a legal obligation. He described Bitcoin as the “embodiment of libertarian values” and as such everyone should be allowed to use it. Furthermore, he argued that many crypto owners in Russia are likely to be against Putin’s regime and the war in Ukraine.

Featured image courtesy of Kraken Blog

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Source: Crypto News Deutsch

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