Kraken CEO Tells Crypto Community Not to Lose Focus

Jesse Powell, Kraken‘s CEO predicted a bullish trend for Bitcoin and the coin has done 50% better than he predicted then. Powell also shows the two-year change of the bullish prediction of Bitcoin.

He took to Twitter recently to give his two cents about what is happening in the cryptocurrency industry. Powell posted a screenshot of his Bitcoin prediction (of his Reddit AMA 2016 session) where he predicted that the cryptocurrency will increase to $2,200 in 2018. He posted this screenshot to show that having the right perspective is a key factor.

Powell stated in his old Reddit comment that the state of Bitcoin in 2018 wasn’t clear due to the turmoil and lack of perspective the community tends to have. Powell believed that the community having one solid plan is a step in the right direction. However, he still predicted the coin to reach $2,200.

In 2016, the price of Bitcoin was well below the $1,000 mark. Bitcoin reached its peak of $807 in 2016 on December 21.

The cryptocurrency community perceived Powell’s prediction as ‘nice and bullish’ since hardly anyone in the community could have had such a prediction that showed that Bitcoin could grow exponentially.

After a massive pullback, the price of Bitcoin is currently $3,773. Powell stated the fact that Bitcoin is doing so much better than he predicted in 2016, approximately 50% better. Some crypto enthusiasts fail to realize that Bitcoin has performed better than any crypto asset over the last five years despite the bearish market trend in 2018 that is prolonging.

Powell believes that not losing perspective is the most important thing for the crypto community to be able to play the long-term game. He also urged the community not to lose focus. Some crypto enthusiasts on social media have asked Powell to share his 2019 price prediction towards Bitcoin but he has not given them a reply yet.

Given the unpredictability and volatility of the cryptocurrency space right now, voicing any predictions towards Bitcoin is not a simple feat as no one knows how the community will react. Just like CNBC’s Ran Neuner who regrets making a Bitcoin prediction in February stating that Bitcoin has only $46,227 to hit $50,000 by the end of the year, no one wants to publicly predict anything at the moment.

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