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Kraken’s Austin Alexander: Bitcoin will be ‘normalized’ by generational changes and millennials

Jibin M George



Kraken's Austin Alexander: Bitcoin will be 'normalized' by generational changes and millennials
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, was one of the chief beneficiaries of the late-week rally, led by Litecoin [LTC], that swept the market. For the time being, it would seem that the coin is on a bullish path upwards. However, according to Kraken’s Austin Alexander, the value of the cryptocurrency may soar even higher. The difference in outlook between generations, he believes, will push it so.

Austin Alexander is the vice-president at the US-based Kraken, the “world’s largest Bitcoin exchange in terms of Euro volume and liquidity,” which has operations in Canada, EU, and Japan as well. Speaking to Australian educator Craig Cobb on his Trader Cobb show, Alexander talked about how every succeeding Generation Z will fuel the wider adoption of cryptocurrencies.

Alexander made this statement after he reminisced about his own experience trying to assist Chinese students to send a wire transfer in New York, all of whom were trying to navigate the contrived and difficult process. Talking further, he said,

“All they had known is Bitcoin and Bitcoin works, they trust it and it works and its normal to them.”

Alexander suggested that there are many more generation Zs to come; each one of which will, like the New York city kids, go on to adopt a system that offers the quickest and cheapest option. He said:

“Everyday another grandpa CEO somewhere retires and some kid is graduating.”

This, he says, will lead to ‘normalizing Bitcoin.’

Alexander’s belief in the new generation leading the adoption of cryptocurrencies such as BTC isn’t misplaced, however. A few months back, Sustany Capital, a blockchain and cryptocurrency investment firm conducted a study wherein it found that millennials are highly inclined towards cryptocurrencies. In fact, it also suggested that 88% of them would want to invest in the cryptocurrency market in the future.

Comparing each new generation as a wave similar to the ones that preceded the 2017 Bitcoin boom, Alexander further said,

“Each one of those waves you have more and more people, who at all levels, more people who are becoming introduced to the concept of Bitcoin for the first time.”

Finally, while Austin Alexander didn’t commit to any guesses about the coin’s short-term future, he did say that he was absolutely convinced that the price of Bitcoin in the longer term will be very, very high.

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Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin





Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”

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