Dan Held thinks Bitcoin could skyrocket to $1 million in four to five years due to what he anticipates will be an unprecedented influx of institutional investment.
Held, Kraken’s head of business development, sat down with Cointelegraph’s YouTube channel to expand on his belief in a potential Bitcoin super cycle.
“I think this [bull run] versus other cycles will be much stronger because we will have institutional money flowing in. We’ll have much more developed architecture, we’ll have much better marketing…
We could very much see Bitcoin go through what I would call a super cycle. So a lot of people are predicting Bitcoin goes from $10,000 to $100,000 or $200,000 or $300,000.
Well, what happens when the whole world wakes up to Bitcoin’s value prop of being this decentralized store of value that’s not seizable? If socialism rises, if taxes rise, I could see tons of people flowing trillions and tens of trillions of dollars into Bitcoin, so Bitcoin might not just stop there, it could go to $1 million.”
Held says 90% of his personal financial portfolio is in Bitcoin. He says he definitely wouldn’t recommend that portfolio construction for most other investors, and the value of his BTC has grown exponentially through the years in relation to his traditional investments.
The Kraken executive also says he doubts blockchain technology is well-suited for any other application aside from powering the Bitcoin network.
“When we look at Bitcoin, a lot of people go, ‘How about this thing called blockchain? Couldn’t we take this tech called blockchain and repurpose it for everything? We’ll put a blockchain on the moon, we’ll put a blockchain on food, we’ll put blockchain on industrial stuff.’ You need to sprinkle it like Salt Bae, sprinkle some blockchain dust on it and it will magically give off some efficiencies.
Satoshi purposefully built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many trade-offs to build Bitcoin that it is basically ineffective for almost anything else.”