Bitcoin has returned to all-time highs, and with it, cryptocurrencies are again garnering attention from investors and legislators alike.
To help educate the public on these pressing trends, Kraken CEO Jesse Powell joined Yahoo Finance Live last Friday to discuss these topics within the context of increased government involvement in global economies.
Adoption of Bitcoin continues to fuel the market and Jesse noted momentum is being driven by institutional investors. As Jesse explained, Wall Street is asking, “How can you justify, to your portfolio, to your investors, not having a position in Bitcoin?”
Also discussed was how the COVID-19 pandemic continues to have harmful effects on the health and wealth of global societies. Small businesses are struggling and Jesse believes the U.S. will be compelled to provide “more bailout checks and more stimulus,” which will only drive more people towards Bitcoin as a safe haven.
“I think that is going to cause more countries to stop using the dollar, stop using the dollar as a store of value, more people to move their money from savings to a safe haven asset like Bitcoin.”
Watch the full interview:
Elsewhere, Jesse explained why Kraken’s investments are so important to the growth of blockchain technology and how the decentralized finance movement is evolving in ways that can benefit society.
“The technology has come a long way,” Jesse stated. “Slowly, we are starting to see the components of the traditional financial system and these middlemen be replaced by smart contracts which are completely reliable, completely auditable, fully transparent. DeFi is really the future [and] we’re investing in that.”