Kraken Founder Jesse Powell Predicts Next ‘Big Event’ That Pushes Crypto Out of Bear Market
Crypto veteran Jesse Powell is weighing in on the state of the business following the collapse of FTX, giving a prediction for what is going to propel the area out of its bear market.
In a brand new interview on the Bankless podcast, Powell says with billions of {dollars} now gone and a fame to restore, the business will want time to get better from the FTX debacle.
The Kraken founder says that the Bitcoin (BTC) halving, which is able to possible happen someday within the first half of subsequent 12 months, could possibly be the subsequent bullish catalyst for crypto markets.
“It’s only a huge hit to lose $10 billion in capital from this business. To have that simply stolen away, that might’ve gone to nice stuff and moved this business ahead. In order that’s going to take a while to get better from.
Clearly, costs are depressed on account of all this as effectively, so I feel we’re going into a good deeper bear market winter. It may be protracted, we don’t have one other Bitcoin halving till March 2024. It’s going to be a while, and I feel that’s type of the subsequent type of large occasion that may trigger us to bounce out of a bear market.”
Powell says that dangerous actors and unlucky occasions will proceed to occur to crypto, however he stays bullish on the long-term prospects of the business.
“I feel sadly, it’s the identical story because it type of has been for the business for the final 11 years that I’ve been in it, which is we received to maintain marching up this hill, perhaps we received to dash up this hill for some time to get better some floor. However this can be a conflict, and it’s a marathon and I don’t suppose we’re going to have the ability to relaxation on our laurels as an business.
I feel there’ll proceed to be dangerous actors that are available that we have now to get out. There’s going to proceed to be blows towards the business, and deceptive data on the market. Finally I feel we received to recollect why crypto is right here within the first place, and that’s to ship Bitcoin and monetary freedom mainly to the entire world.”
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