Bitcoin Is the Best at Storing Value, Says Kraken CEO

Jesse Powell, Chief Executive Officer at cryptocurrency exchange Kraken, believes that there is no threat to Bitcoin’s title as the world’s most valuable digital asset in the near term. In his opinion, Bitcoin is still the best at storing value.

While Powell highlighted some key benefits of Bitcoin as an asset, he also mentioned the growing ecosystem of smart contracts. During an interview with Yahoo Finance, the CEO of Kraken said that Ethereum is a dominant player in the crypto market, but the crypto asset is facing tough competition from Solana and Polkadot.

“I think Bitcoin is still the best at storing value. I think it’s still the best at security. I don’t see Bitcoin being disrupted in the near term. I think the game for smart contracts is totally up for grabs. Ethereum is a dominant player now, but you see Polkadot [DOT] and Solana [SOL] and some other chains coming up that maybe could steal a lot of that thunder from Ethereum with regards to smart contracts,” Powell told Yahoo Finance.

Yesterday, Bitcoin saw another all-time high of $68,700 after large investors poured billions into the crypto asset amid rising inflation concerns in the US.

Bitcoin and Crypto Ecosystem

The CEO of Kraken always remained vocal about his views on Bitcoin and other digital assets. Earlier this year, Powell predicted strong price growth for Bitcoin and outlined the growing adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology. “I think we’ll continue to see an evolution of these chains. I think it’s anybody’s game right now. I think we ultimately end up in a world where there are lots of successful chains that are operating simultaneously,” Powell said in his latest interview with Yahoo Finance.

In April 2021, RIT Capital announced an investment in Kraken. The British investment trust acquired a stake in the digital asset exchange. In June, Kraken launched a new mobile app.