The GameStop hype kept the financial world in suspense for days. Now Kraken CEO Jesse Powell sees the traditional stock market clearly on the decline.
In a recent interview with Yahoo! Finance will answer questions from Jesse Powell, head of the Kraken crypto exchange. One topic is the hype surrounding the shares in the retail chain GameStop. In the conversation, the question arises to what extent the spark of this price rally has jumped into the crypto market.
Jesse Powell replies that there is a significantly increasing interest in cryptocurrencies, from which his company is also benefiting. However, the extent of this profit makes one sit up and take notice. Powell says that in just one day the number of new users increased sixfold.
In addition, the Kraken CEO alludes to the role the crypto sector will play in the future.
“Obviously, something happened that made a lot of people jump into cryptocurrencies in the past few days. [..] The DeFi sector is eating up the financial world, regardless of whether people already know it or not. I think in 10 years we will all handle 90 percent of our financial services on a blockchain.Kraken CEO Jesse Powell
Powell sees the reason for the expected boom in the crypto sector, among other things, in the increasing knowledge of many about how the stock markets actually work. There are so many middlemen in the processes. Plus, investors would discover that the stocks don’t really belong to them, that someone else technically owns them.