Jesse Powell – Co-Founder and CEO of the crypto exchange Kraken – revealed he had used half of his capital to purchase bitcoin in July last year. He assured his holdings stay untouched, vowing to go “all-in” if the primary cryptocurrency declines to $20,000.
‘Godspeed, Paperhands. Godspeed.’
Kraken’s top executive – Jesse Powell – seems nowhere near concerned about the ongoing crash of the digital asset market, and more specifically, bitcoin. In a recent tweet, he admitted investing 50% of his available capital into BTC in July 2021 (when the asset’s USD value was hovering around $30,000).
Powell said he had not sold his positions. Moreover, he pledged to allocate his entire wealth to bitcoin if it plunges to $20K. To get there quicker, the executive urged those who can’t hold their possessions during times of enhanced volatility to sell.
— Jesse Powell (@jespow) May 9, 2022
The veteran has been part of the digital asset universe since 2011. And while many would think that he is already “all-in enough,” he assured them this is not the case.
Numerous experts in the field believe such market crashes could provide certain benefits like eliminating investors with “paper hands.” Meltem Demirors – CSO of CoinShares – stood behind that thesis during last summer’s crypto decline.
In her view, markets could not expand forever, and contractions are part of their growth. She assured that bitcoin “is here to stay” and “it is not going anywhere.”
Powell Sees BTC Under $40K as a Buying Opportunity
At the end of 2021, Kraken’s CEO opined that people should invest in bitcoin if its price is below $40,000. It is worth noting, though, that BTC’s USD valuation at the time was nearly $50,000. In line with his advice to investors, he argued that the American dollar “is going to zero.”
The executive touched upon bitcoin once again shortly after Russia’s invasion of Ukraine. Back then, the Vice Prime Minister of Ukraine – Mykhailo Fedorov – asked cryptocurrency exchanges to ban Russian-based users from their platforms.
Powell said he understands “the rationale for this request,” but Kraken could not halt its services to a specific group of clients without a legal requirement to do so. He described bitcoin as the “embodiment of libertarian values,” and as such, everyone should be allowed to deal with it. Moreover, he argued that many crypto holders in Russia are likely to be against Putin’s regime and the war in Ukraine.
Featured Image Courtesy of Kraken Blog