Despite a pullback from highs near $65,000 earlier this year, Bitcoin (CRYPTO: BTC) is in the middle of a bull run, Kraken Director of Growth Marketing Dan Held told Benzinga in an interview Tuesday.
Bitcoin In 2021: Bitcoin’s journey in price is important, Held said during the 2021 Benzinga Crypto Festival.
“Price brings around more awareness,” Held noted.
Bitcoin went from around $10,000 to $65,000 in 2021, putting the cryptocurrency in a very interesting spot.
“I don’t think we’re in a bear market, we’re probably in the middle of a bull run.”
Held said Bitcoin is becoming globally recognized, a store of value and considered gold 2.0 by many.
Why Bitcoin?: Satoshi Nakamoto planted Bitcoin in the middle of the 2018 financial crisis as banks were being bailed out.
“Satoshi saw this corruption,” Held said.
Statements from Nakamoto indicated he wanted Bitcoin to replace banks.
“The U.S. government is printing trillions of dollars annually,” Held said, referencing inflation and rising prices of goods and services.
Bitcoin offers protection against inflation, Held adds. Bitcoin also doesn’t require trust, something that banks had to worry about.
Bitcoin competes with gold and fiat money. Held said the cryptocurrency could also compete with real estate, which is currently a huge store of value. When Bitcoin disrupts this industry, Held sees even more runway.
Related Link: Coinbase Rival Kraken Plans Europe Expansion, IPO By End Of The Year
About Kraken: In 2013, Held was part of a 2013 crypto meetup group that included the founders of Kraken, Litecoin (CRYPTO: LTC) and Coinbase Global Inc (NASDAQ:COIN).
“Kraken is one of the oldest Bitcoin exchanges out there,” Held said.
Kraken holds a number two market position in the U.S. and number one in Europe as a Bitcoin exchange.
“Kraken is a financial powerhouse of the crypto world,” he noted.
Held said Kraken offers Bitcoin and other cryptocurrency trading, futures and an OTC desk.
Related Link: Take your crypto portfolio to the moon at Benzinga’s Crypto Festival, Aug. 31 and Sept. 1.
What’s Next For Bitcoin: If we follow the last bull run of Bitcoin, Held sees Bitcoin hitting a price of $300,000 by the end of the year.
Following patterns of the last run, other crypto analysts see Bitcoin hitting a price of $150,000 to $200,000 by the end of the year.
“Or we could have a supercycle, where Bitcoin’s growth becomes even faster,” Held said.
A supercycle could happen if the whole world wakes up to Bitcoin’s value, including banks, institutions and retail investors, Held said.
“It’s never been easier to buy, never been easier to learn about Bitcoin.”
Held’s two-year prediction calls for a 70% chance that Bitcoin hits a range of $200,000 to $400,000, 20% chance Bitcoin is under $200,000 and a 10% chance that Bitcoin is over $400,000 two years from now.
Photo: Andre Francois McKenzie via Unsplash