Kraken CEO Wants To Trade 1 Bitcoin For A Bugatti By The End Of 2022

Kraken CEO wants to trade 1 Bitcoin for a Bugatti by the end of this year, predicting that the price of the cryptocurrency will rise to an amount that is able to buy a Bugatti with a single coin.

Jesse Powell, the CEO of San Francisco-based exchange platform Kraken, recently stated to Bloomberg that he was still positive on Bitcoin and wished to trade one Bitcoin for one Bugatti by the end of 2022.

Kraken CEO Wants To Trade 1 Bitcoin For A Bugatti

When Powell joined Bloomberg Exclusive, his predictions from the previous year were brought to mind. In 2021, Powell held the same program, and he said the following:

“Probably by the end of the year [2021] it’ll be one Bitcoin per Lambo, and probably by the end of next year [2022] it’ll be one Bitcoin per Bugatti.”

Bitcoin was worth about $48,000 at the time. When Powell was reminded of his predictions on August 26, he didn’t back down. He admitted that he hadn’t anticipated the winter market to be this brutal, but he still predicted that by the end of 2022, he would be able to purchase one Bugatti with one Bitcoin.

At the time of publication, the price of a bitcoin was close to $24,000, while the price of a Bugatti model ranged from $1.9 million to $3.3 million.

Powell went on to explain that he is still quite optimistic about Bitcoin:

“I bought in Bitcoin again at 18,000, I’m happy to ride it back up. I’m still bullish on the long run, the fundamentals keep improving. I’d never bet against Bitcoin.”

Kraken

The majority of the biggest cryptocurrency exchanges let go part of its workers as soon as the winter weather started to appear. Kraken didn’t join in the trend of layoffs, indicating that there are no financial issues keeping its 3,200 employees employed.

However, there have been other issues with the exchange. On June 15, 2022, the Kraken CEO gained notoriety for reportedly yelling at workers and said they didn’t fit with the corporate culture. By creating a cultural war within Kraken, according to the New York Times, Powell fostered a poisonous workplace climate.

The U.S. Treasury Department launched an investigation into Kraken a month later, in July 2022, to determine if it had broken U.S. sanctions by enabling customers from sanctioned areas to trade cryptocurrency. Iran, North Korea, Cuba, Syria, and some regions of Ukraine were all subject to implied sanctions from the U.S. It was known that Kraken had permitted token trading by customers from Iran, Syria, and Cuba when the Treasury launched its inquiry.

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