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:
One Bitcoin will most likely be equivalent to one Lamborghini by the end of this year , and one Bugatti by the end of the following year .
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 as 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 one bitcoin was close to $24,000.
Powell went on to explain that he is still quite optimistic about Bitcoin:
"I repurchased Bitcoin at $18,000 and am excited to continue the uptrend. Long term, I am optimistic since the fundamentals are still getting better. Never would I wager against Bitcoin.
The majority of the biggest cryptocurrency exchanges let go some 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 allegedly yelling at workers and said they didn't fit with the corporate culture. By "creating a culture 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 see whether it had broken U.S.
crypto is rising
Many crypto executives are similarly enthusiastic on Bitcoin and think it will skyrocket after the winter circumstances are over, even though they don't anticipate Bitcoin to reach the price of Bugatti.
Mike McGlone, senior commodity strategist at Bloomberg, predicted that Bitcoin would reach $100,000 by 2025. On July 14, while he was analyzing the market, McGlone said he didn't know when Bitcoin would find its floor, but that once it did, it will unavoidably climb.
A few days later, Michael Novogratz, CEO of Galaxy Digital, talked about his prediction for Bitcoin, stating that it would reach $500,000 by 2027. He examined adoption rates and bear market data to come to the conclusion that the winter market was simply a "bump in the adoption road,