Alex Mashinsky, CEO of cryptocurrency lender Celsius Network, has confirmed his belief that the price of bitcoin would reach $140,000 to $160,000 this year, after trading above key levels in recent weeks.
Mashinsky stated in an interview with Yahoo Finance that Bitcoin is a “very good” store of wealth and should be utilised as such, rather than to pay for regular transactions. He went on to say that now that BTC has managed to stay above critical support levels, it is preparing to climb higher.
Previously, the CEO stated that BTC’s acceptance as a payment mechanism in El Salvador is partially to blame for his price estimate. He expects more governments, particularly those in South America, to follow suit and declare Bitcoin legal tender.
Mashinsky also addressed Tesla CEO Elon Musk’s previous impact in the cryptocurrency industry, noting that big price decreases for BTC and other major cryptocurrencies frequently occurred after Musk tweeted about it. According to Mashinsky, he is a “tourist in crypto” who is “here to gather more followers” rather than “here to assist others understand more about cryptocurrency.”
According to the CEO of Celsius, if BTC breaks a particular range not much above its present values, the flagship cryptocurrency will not face any significant opposition until it reaches new all-time highs. Mashinsky adds that he expects BTC to reach $140,000 by the end of the year, representing a 265 percent increase from the current price of $38,300.