Kraken CEO Jesse Powell says the person or group responsible for creating Bitcoin believes it will be increasingly difficult for governments to maintain fiscal responsibility after the 2008 financial crisis.
In a new interview with Real Vision co-founder Raul Pal, Powell says Satoshi Nakamoto, the pseudonymous inventor of the leading cryptocurrency, may have seen “the approach of an even bigger bubble and an even worse end result, given how we dealt with the recent financial crisis “
Powell claims that the Kraken, a US-based cryptocurrency exchange founded in 2011, is now witnessing trade spikes in countries plagued by high levels of inflation and local currency volatility, such as Argentina and Venezuela.
But to achieve widespread application, Powell believes that B itkoyn will have to become increasingly easy to buy, store and spending.
“As for Bitcoin, in the asset class as a whole, I think we will continue to see more absorption. I hope that the technical components of it, the sophistication, continue to fade into the background and just become more like a simple application or like PayPal. “
Pal, founder of Global Macro Investor, says he believes Bitcoin is just getting started after emerging as one of the best-performing assets of all time and proving its potential as a stock of value. He sees the central bank’s digital currencies as something that will establish the BTC as a new form of digital gold.
“It’s an extraordinary thing, and I just feel that [Bitcoin] is getting more and more relevant.
I mean, the US dollar crisis is going on right now, there is a shortage of US dollars … the central banks [are talking] about digital currencies, which is desperate for them, but that creates a ramp to the digital world that you envisioned. “