- Jesse Powell believes that people should stock up on gasoline and milk and prepay their bills as the U.S dollar is going to crash to zero in 2022.
- He also believes Bitcoin will take a hit and will drop below $40,000, but says this could present a great buying opportunity.
Are you already making new year resolutions and planning out your life in 2022? You should rethink your plans and instead focus on stocking up on gasoline, milk and other essentials, at least according to the CEO and founder of Kraken cryptocurrency exchange. Jesse Powell believes that the U.S dollar is going to crash to zero and Bitcoin will also take a significant hit too.
Jesse has never shied off from making bold predictions on the future of cryptocurrencies, and rightly so as he has been in the industry since the early 2010s. Just this year, he told Bloomberg that Bitcoin would hit $100,000 by the end of this year, which it hasn’t yet and is trading below half that predicted price.
He was back on Bloomberg again, this time making an even bolder prediction.
I’m going to say the dollar is going to zero. You should start stocking up on gasoline and milk right now. If you can prepay your healthcare bills and your tuition, you should probably do that now.
“Take on as much U.S dollar as you can, because there will probably be some jubilee at some point. Interest rates are going negative so don’t hold your currency in dollars,” he added.
To say that the U.S dollar will crash anytime in the future, let alone next year, is a bold (bordering on insane) thing to say. Currencies do collapse. Countries like Ukraine, Iceland, Venezuela and Zimbabwe have all seen their currencies wiped out. Even major powers like Germany have gone through a currency collapse, but this was back in the 1920s.
However, the dollar is not only the U.S currency, it’s a global reserve. Moreover, the U.S economy is so integrated into the global economy that local economic shocks tend to have a global impact, as happened in 2008.
Bitcoin to dip below $40,000
It’s not just the U.S dollar that will feel the impact of the oncoming recession, Powell believes. He predicts Bitcoin will dip below $40,000, but he believes that this would be a prime buying opportunity. However, this shouldn’t dissuade buyers as Bitcoin is always going up in the long term, even when it gets into some dips.
If you’re thinking about buying Bitcoin, think about it as a five-year plus investment. It’s up and down day-to-day, week-to-week, you don’t want to trade this short time. It’s more of a buy-and-hold investment.
Powell’s Kraken exchange is one of the oldest and most renowned exchanges in the industry. He founded it in 2011 and it has grown to support over 90 cryptocurrencies and about 8 fiat currencies. It’s getting into NFTs and offers staking as well and for those outside the U.S, it offers futures and margin products.
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