Bitcoin is predicted to go below 40k in 2022. Kraken’s chief adviser Jesse Powell has urged investors to pay their healthcare and tuition expenses early and take on more U.S. debt.
As the US faces double-digit inflation, the highest in the last 40 years, CEO of crypto exchange Kraken says the US dollar will crash, and bitcoin will see its price fall dramatically in 2022.
Talking to Bloomberg TV, Powell said that the green bill could go to zero and urged citizens to start stocking gasoline and milk right now. He added that prepaying the healthcare and tuition bills will be a wise decision.
The Dollar Index tanked by 0.28% on Thursday, and the Sterling and Euro rose. The former rose by 0.40% to $1.3316, while the latter grew by 0.19% to $1.1307.
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Powell added that it would be a wise move to take on as much U.S. dollar debt as possible since the interest rates will go negative and therefore do not hold your assets in Dollars. Powell blamed the Dollar’s free fall on unbridled inflation now at its highest point since the 1980s.
Bitcoin could hit below $40,000 this winter
Powell also had more for the investors. Pointing to the most traded crypto asset, Bitcoin (BTC), he said that the value of the number one crypto token could go below $40,000 this winter, and he urged the investors to take advantage of the forthcoming dip.
“The U.S. dollar is going to zero.” – Kraken #bitcoin exchange CEO pic.twitter.com/3YpCLBFqh5
— Bitcoin Magazine (@BitcoinMagazine) December 16, 2021
Powell revealed that he had been on a buying spree when the value of BTC had tanked to $30,000 a couple of months ago. So there is no shortage of investors with many funds waiting on the sidelines to see a further fall in prices before making a move to kill.
According to CoinGecko, a price-tracking website, the value of BTC has fallen by 0.9% in the last day. The bitcoin price was trading 2.81% lower at $47,838 on Thursday.
BTC is a long-term investment
Last month saw a big sell-off of crypto assets after the values of most popular tokens like BTC, XRP, Solana, Ethereum, and dogecoin saw steep volatility. The number one token BTC has also seen its prices tank by more than 6% over last week and 26% over the past month.
Terming BTC investments as long-term investments of five years, Powell feels that daily riff-raff is inconsequential and not worth the trouble. Earlier, Powell had predicted that bitcoin could touch over $100,000 by late 2021 and early next year.
BTC operator Kraken is compatible with 90 cryptocurrencies in over 70 assets and is working on an NFT platform to expose investors to this asset. Bloomberg reported in June this year that it is to go public in 12 to 18 months.
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