Bitcoin is the largest crypto asset in terms of market capitalization according to data from CoinMarketCap. After a bullish 2021, the price of BTC has plummeted significantly. Notably, the digital currency has yet to reach its bullish momentum. Although the price of the major cryptocurrency has lost its momentum, major BTC backers are still bullish on the digital currency. Recently, Jesse Powell, CEO of Kraken crypto assets exchange, pointed out that BTC’s utility is skyrocketing. Indeed, the prevailing global political and economic climate is demonstrating the significance of the coin designed by Satoshi Nakamoto.
In a recent interview with Bloomberg, Jesse Powell pointed out that while Bitcoin failed to reach $ 100,000 by the end of last year, it is still bullish. Many believed that the price would explode above $ 100,000, but they realized that predicting such movements is impossible.
The prevailing geopolitical environment is presenting useful opportunities for money as a reserve and instrument for the transfer of value. According to Powell, we can observe ongoing use cases and reasons why people use BTC. The most significant factor to note is that inflation is at its peak since the 1980s.
However, combined with the controls, the crackdown on several protests and legitimate fundraising efforts show that the usefulness of the coin designed by Satoshi is becoming more robust every day. So, there seems to be no less reason to believe it. Recently, the world has seen Canadian truckers turn to cryptocurrencies for fundraising efforts after a government crackdown.
Following the scenario, Powell believes BTC is solving real-world problems as exemplified by protests from Canadian truckers. Powell further points out that the industry knows the flagship crypto asset is more than price speculation.
As in Canada, BTC is solving real-world problems where we have fundraisers closed by the government or centralized fundraising platforms and cryptocurrency bypasses obstacles by making the money go directly to individuals.
