Alex Mashinsky, the CEO of Celsius Network who had earlier predicted $30,000 for Bitcoin has also stated that he expects the digital currency to reach $160,00 before the year ends.
Despite the fact that the price of Bitcoin (BTC) is still hovering around $30,000, industry analysts believe the long-term outlook is favorable.
To put this in context, Alex Mashinsky, the chief executive officer and co-founder of Celsius, a centralized cryptocurrency lending platform, told Cointelegraph at Bitcoin 2021 in Miami that he believes Bitcoin will approach $160,000 this year, or potentially even lower.
“We haven’t seen the highs yet for 2021,” Mashinsky added.
Following Bitcoin’s recent all-time high of almost $63,000, Mashinsky predicted that the crypto market would experience a correction:
“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’
I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”
Mashinsky touched on Elon Musk’s recent remarks about Bitcoin in addition to analyzing the price of Bitcoin. Musk, according to Mashinsky, is manipulating the market rather than assisting the crypto community.
As a result, he stated that Musk is merely a “tourist” in the crypto world.
Tesla accepting Bitcoin payments will benefit Musk, but not consumers, according to Mashinsky:
“If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it’s worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it’s not good for you.”
Celsius’s chief revenue officer, Roni Cohen Pavon, also informed Cointelegraph that the company’s commercial activities will be relocated from the United Kingdom to the United States in the coming months.
The move to the United States, according to Cohen Pavon, was prompted by recent regulatory uncertainties in the United Kingdom for crypto enterprises.
“We arrived to the decision that, in terms of rules and geopolitical considerations, the United Kingdom is not the most stable place for Celsius,” he said.
Celsius has maintained a physical presence in the United States since 2019, but according to Cohen Pavon, the company will now become a limited liability company, or LLC.
“Nothing changes with our services – we are now an LLC instead of Celsius Network Limited. I believe the transition to engage as a U.S. entity will be completed by early or mid August.”