Alex Mashinsky, CEO of the crypto lending company Celsius Network, was interviewed on Yahoo Finance where he shared his thoughts on the crypto market and the outlook for Bitcoin BTC in the future.
Celsius Network is a well-known company in the industry, it specializes in crypto lending, it manages over $3 billion in Bitcoin and cryptocurrency assets.
Depositors are remunerated by attractive interest rates for staking their tokens which are borrowed by other platform users.
The CEO of Celsius Network evokes the bullish race of the Bitcoin price which started in 2020 and which is led in particular by institutional investors and not only individuals as at the end of 2017.
Asked about the possibility that the price of Bitcoin will reach 400 to 500,000 dollars in the future, the CEO of Celsius Network replied that it is quite possible:
“So if if the Hodler community, the people who actually accumulate, is going to sit on their hand and not sell anything, then we’re going to get to those price levels very, very quickly, but if some people decide that fair value is $50,000, a lot of people decide that, we’re going to start seeing resistance at those levels. So I think this year is probably going to end it at this $20,000 to $25,000 range.
Next year probably $30,000 to $35,000, and then we’re going to break out to these new high levels that you’re talking about.” he said on Yahoo Finance.
He mentions a strong demand for Bitcoin from institutional investors, “we’re seeing hundreds of millions of dollars, billions of dollars coming in.”
There is “a much wider adoption of both institutions and retail, family offices, etc …”.
From his position as CEO at Celsius Network, he sees that many Bitcoin buyers keep their BTCs and do not wish to sell them in the short term.
“So most people already know what Bitcoin is, and they’re just continuing to accumulate. And that makes all the difference.,” he told reporters at Yahoo Finance.
He also evokes an important point, the younger generations do not want to buy or invest in gold but in a modern digital asset like Bitcoin BTC, Ethereum, …
Talking about millennials, rapper Megan Thee Stallion is currently distributing $1 million in Bitcoin on Twitter.
The Cash App has partnered with the famous American rapper to reach a young and trendy target and get them interested in Bitcoin and cryptocurrencies.
Hotties Bitcoin is a really smart investment and increases over time ? make sure you keep dropping y’all’s cash app names so call can make smart money moves ? https://t.co/2vcHeZU9Oq
— HOT GIRL MEG (@theestallion) December 18, 2020
A bullish crypto market, therefore, with Bitcoin purchases by hundreds of millions of dollars from institutional investors, and individuals who are starting to take serious interest in Bitcoin which was given for dead a few months ago, following its drop to $3,800 when the Coronavirus/Covid-19 crisis started.
For the end of 2020, Alex Mashinsky sees a Bitcoin price stay around 20 to 25,000 dollars, a price of Bitcoin that will continue to rise in 2021 and then reach these new high levels mentioned by the journalist (500,000 dollars).
A Bitcoin price currently around 23,080 dollars.
