Kraken CEO Dan Held has been involved in cryptography since 2013. In his last interview with Cointelegraph, he delves into the first crypto encounters in the Mission neighborhood of San Francisco and explains how the price of a Bitcoin (BTC) could eventually reach a million dollars.
Watch the full interview for a trip to the past and a roadmap for the future of Bitcoin. Held also explains why Bitcoin could become a “very boring” asset and why he thinks it’s time to stop experimenting with altcoins.
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Bitcoin will become “very boring”
Bitcoin is famous for its volatility, but Held thinks it will not always be the case. He thinks Bitcoin is digital gold. With this thesis, we expect a huge growth in the market capitalization of assets.
“Bitcoin in its final stages in decades will be something very annoying. As our grandchildren will go, “Grandpa, grandma, I only hear about Bitcoin. Everyone has Bitcoin. ‘It’s like, who cares? As if it was a boring investment. It’s like holding money. ”
Held predicts that Bitcoin will hold $ 5 billion to $ 100 billion in value in its “final stages”. This would transform a very volatile asset into a “very boring” currency.
“Blockchain technology sucks”
Held’s belief in Bitcoin is unwavering. He saw his net worth increase and drop 80% three times. And yet 90% of his current net worth remains in Bitcoin. His reluctance to diversify his portfolio comes from a firm belief that blockchain technology is only useful for Bitcoin.
“Satoshi deliberately built blockchain technology to build Bitcoin. Blockchain technology sucks. It’s terrible. It makes so many compromises to build Bitcoin that it is basically ineffective for almost everything else. ”
In this line of thinking, which he calls “the minimalism of Bitcoin” despite Vitalik Buterin, he sees no reason for altcoins to exist. For Held, altcoins are just experiments that have not yet proven that blockchain is useful for everything except Bitcoin.
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