Bitcoin is currently experiencing a super cycle that could boost it to $ 1 million, according to Dan Held, growth chairman at Kraken.
According to Held, this market cycle is fundamentally different from the previous ones. “This is one in a hundred years,” he said, citing the coronavirus crisis, growing distrust of financial institutions and central bank money pressures as catalysts of the current crypto bull market.
“People are no longer just there for a speculative run. People buy it because they see the value of Bitcoin, ”he explained.
Held also believes that once Bitcoin reaches its full potential as digital gold, it will challenge governments’ monopoly on money.
“Bitcoin is undermining all of their power and authority by removing money from their holdings,” he said.
At this point, governments will view crypto as a threat and act against them in what Held defines as “crypto mass extinction”. According to Held, altcoins cannot survive such an attack as most of them “reduce their censorship resistance and their decentralized properties in order to increase their throughput”. However, Bitcoin was specifically designed to withstand such censorship.
“Satoshi built the blockchain to build Bitcoin, and he built it to be an incredibly resilient tool against governments,” said Held.
Watch the full interview on our Youtube channel and don’t forget to subscribe!