Kraken’s Jesse Powell Warns of Looming Government Crackdown on Bitcoin and Crypto Assets

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Kraken CEO Jesse Powell is cautioning that cryptocurrencies could come under government-imposed restrictions.

Speaking to CNBC, Powell says that such restrictions could end up destroying the original mission of cryptocurrencies.

“I think there could be some crackdown… Something like that could really hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone.”

The Kraken CEO notes that in other countries, they understand the importance of looking at the bigger picture when it comes to crypto.

“I hope that the US and international regulators don’t take too much of a narrow view on this. Some other countries – China especially – are taking crypto very seriously and taking a very long-term view.”

Powell also posits that an attempt to clamp down on the crypto markets may backfire and produce unintended outcomes.

“I also think it might be too late. Maybe the genie’s out of the bottle and just trying to ban it at this point would make it more attractive. It would certainly send a message that the government sees this as a superior alternative to their own currency.”

Despite Powell’s concerns over government restrictions on cryptocurrencies, the Kraken CEO recently speculated that Bitcoin could hit a price of over $200,000 by the end of 2021 and seven figures by the close of 2022.

“Probably by the end of the year, I think it will be one Bitcoin per Lamborghini and probably by the end of next year, it will be one Bitcoin per Bugatti…”

The price of an entry-level Lamborghini is about $200,000 while that of the lowest-priced Bugatti 2021 model is around $1.9 million.

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