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Kraken CEO wants to buy a Bugatti for 1 bitcoin by the end of the year

Kraken CEO hopes to buy a Bugatti for 1 Bitcoin by year-end Kraken CEO wants to buy a Bugatti with 1 bitcoin by the end of the year Zeynep Geylan · 3 hours ago · 2 min read

Jesse Powell, CEO of crypto exchange Kraken, recently told Bloomberg that he remains bullish on Bitcoin, hoping the price will see the price of the expensive car brand Bugatti.

2 min readUpdated: August 17, 2022 1:03 AM

Cover art/illustration via CryptoSlate

Jesse Powell, CEO of San Francisco-based exchange firm Kraken, recently told Bloomberg
, he remains bullish on bitcoin and hopes to buy a Bugatti with one bitcoin by the end of 2022. Powell joins the Bloomberg Exclusive, where he recalls last year’s forecast. When Powell hosts the same show in 2021, he said:

“Probably by the end of the year [2021] will be every Lantern Bo one bitcoin, maybe by the end of next year [2022] it will be one bitcoin per Bugatti.”

At that time, Bitcoin is trading around $48,000. When Powell was reminded of his prediction on Aug. 26, he didn’t hold back. While he said he didn’t expect the winter market to be hit so hard, he still said he hopes to buy a Bugatti 2022 with one bitcoin by the end of the year. As of press time, bitcoin is trading With prices approaching $24,000, models from luxury car brand Bugatti range between $1.9 million and $3.3 million. Powell went on to say that he is still very bullish on Bitcoin:

“I bought it again at 18,000 I’m excited to get Bitcoin back up. I’m still bullish in the long run, the fundamentals are improving. I would never bet against Bitcoin.”


Most of the major cryptocurrency exchanges laid off some employees as soon as the winter situation emerged. Kraken was not involved in the layoff trend, suggesting the company is not experiencing any financial difficulties as it supports its 3,200 employees. However, there have been other issues with exchanges. On June 15, 2022, the Kraken CEO made headlines for allegedly lashing out at employees, claiming they didn’t fit the company culture. The New York Times delved into the topic, reporting that Powell created a toxic environment by “waging a culture war” within Kraken. A month later, in July 2022, the U.S. Treasury Department opened an investigation into Kraken to find out whether it violated U.S. sanctions by allowing users from sanctioned regions to trade crypto assets. The U.S. has hinted at sanctions on Iran, North Korea, Cuba, Syria and certain parts of Ukraine. When the Treasury Department launched an investigation, it became known that Kraken allowed users from Iran, Syria, and Cuba to trade tokens. Bullish on cryptocurrencies While they don’t think Bitcoin will see the price of a Bugatti, many crypto executives are also bullish on Bitcoin and think it will surge after winter is over. Bloomberg senior commodity strategist Mike McGlone said he expects bitcoin to hit $100,000 by 2025. Analysing the market on July 14, McGlone said he doesn’t know when Bitcoin will bottom, but when it does, it will inevitably surge. A few days later, Galaxy Digital CEO Michael Novogratz also discussed his Bitcoin prediction, saying it will reach $500,000 by 2027. He analyzed adoption and bear market numbers and concluded that the winter market was just “a bump in the road” for adoption, not a U-turn. “



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