Karnsey's Jesse Powell still bullish on Bitcoin, hopes to buy one Bugatti by the end of 2022

San Francisco-based exchange company Kraken CEO Jesse Powell recently told Bloomberg that he was still bullish on Bitcoins and hoped to buy one Bugatti for oneBitcoin by the end of 2022.

Powell was reminded of his forecasts from last year when he joined Bloomberg Exclusive. When Powell was hosted by the same show in 2021, he said :

At the time, the coin was traded for around $48,000. He didn't step back when Powell was reminded of his forecasts on August 26. He still said he didn't expect the winter market to hit so hard, but he still said he d expect to buy one Bugatti with one Bitcoin by the end of 2022.

The luxury car brand Bugatti's models vary between $1.9 million and $3.3 million, and the price of the virtual currency is close to $24,000 at the time of press.

Powell continued by saying that he is still very bullish onBitcoin:

As the winter conditions showed themselves, most major exchanges laid off some of their staff. Kraken didn't participate in the layoff trend, suggesting that the company is not experiencing any financial difficulty supporting its 3,200-person staff.

The exchange has been having problems with other problems. On June 15, 2022, the CEO of Kraken made headlines for allegedly lashing out at employees, claiming they were ill-fitted to the company culture. The New York Times reported that Powell created a toxic environment by starting a culture war within Kraken, a theme that was covered in a deep dive into the topic.

In July 2022, the U.S. Treasury Department opened an investigation on Kraken to find out if it violated the U.S. sanctions by allowing users from sanctioned regions to trade criptocurrencies. The U.S. had implied sanctions on Iran, North Korea, Cuba, Syria, and certain parts of Ukraine. When the Treasury opened the investigation, it was known that Kraken had allowed users from Iran, Syria, and Cuba to trade token.

Many cryptanalysts believe that it will soar after the winter conditions are over, even though they don't expect it to see the price of Bugatti.

Mike McGlone, Bloomberg's senior commodity strategist, said he expected Bitcoins to hit $100,000 by the year 2025. After analysing the market on July 14, McGlone said he didn't know when Bitcoin would find its floor, but it was inevitable for it to soar once it did.

A few days later, Galaxy Digital CEO Michael Novogratz talked about his Bitcoins forecast, saying it would see $500,000 by the year 2027. He concluded that the winter market was just a bump in the road in adoption, not a U-turn, because he looked at the adoption rates and numbers from the bear market.