, Bitcoin below $40K can be a good investment.

• Jesse Powell says he bought more Bitcoin when it dropped to lows of $30,000 a few months ago.

• He believes Bitcoin is more of a “buy and keep” investment while his outlook for the US dollar remains bearish.

Kraken CEO Jesse Powell has said the current downward pressure would provide another buying opportunity for investors if the price of Bitcoin were to dip below the $40,000 level.

In an interview on Bloomberg TV, the Kraken chief talked about the crypto space and even revisited his earlier prediction that had BTC rallying to $100,000 by the end of the year.

While he notes that’s unlikely to happen given the market outlook, he believes the froth seen over the past several weeks would lead to a crucial buy the dip chance if the bears pushed below $40k-ish.

“I was buying when we dipped close to $30k a few months ago and you know I think a lot of people have a lot of dry power on the sidelines just waiting to come in at rock bottom prices,” he told Bloomberg’s Emily Chang.

Bitcoin is a “five-year plus” investment

Although Powell acknowledged that his predictions for Bitcoin were not accurate, he said that it was difficult to predict what will happen next. He however feels it’s better for anyone looking to invest in Bitcoin to look at it as a “five-year plus investment.”

He also spoke out about Bitcoin’s volatile nature. He noted that the price of Bitcoin can fluctuate dramatically in a matter of hours or days. He believes the strategy should be to look at the crypto as a “buy and hold investment.”

Powell sees the dollar crashing to “zero”

But Powell is still bullish on Bitcoin and crypto. However, he sees a dark future for the US dollar. According to Powell, with interest rates expected to rise to negative and the dollar towards zero, investors should not hold their currencies in the greenback.

Powell also spoke out about Kraken’s plans in the crypto market. He noted that the exchange wants help combat misinformation which could negatively impact new investors. Kraken also plans to launch a platform for non-fungible tokens (NFT), to capitalize on the high interest in the space.

The Kraken CEO commented on the need to have proper regulation in this sector. He noted that although the Kraken exchange is pro-regulation, these regulations should be clear and designed for the industry’s growth.

Bitcoin currently trades around $46,800 as bulls battle to reclaim the $50,000 support level. The cryptocurrency has declined by about 8% in the past week, though it’s 140% up over the past year. In September, Bitcoin bounced off the $40,000 level after a brutal sell-off, and despite a choppy October, reached an all-time high above $69,000 on 10 November.

This time, Galaxy Digital CEO Mike Novogratz says the $42,000 level might be a key support level for Bitcoin.