Alex Mashinsky, CEO of crypto lending platform Celsius, says he’s standing by his prediction of Bitcoin ending 2021 somewhere in the $140,000-$160,000 range.
In a new interview with Yahoo Finance, Mashinsky says he sees Bitcoin’s main purpose as being a store of value, rather than another specific utility.
“[Bitcoin’s] main purpose is a store of value, right. It’s not an exceptional form of payment. I think the dollar is the opposite. It’s an exceptional form of payment but not a very good store of value. I think there are many cryptocurrencies or digital assets that serve that purpose better, mostly stablecoins and other forms of digital assets. So I don’t think we should take this pristine asset and try to use it to clean the windows or something else with it. It’s very good for one thing and that’s store of value, and that’s what you should be using it for.”
The Celsius CEO says that once BTC breaks a certain range not far above its current prices, the flagship crypto won’t be facing any tough resistances until new all-time highs. Mashinsky adds that he sees BTC flying up above $140,000 by the end of the year for a rally of 265% based on the current price of $38,300.
“I think we are also hitting some resistance here in the $40,000 to $45,000 levels, and there is not a lot of resistance above that, so I think we’re going to consolidate here and break to new highs. I still stand by my prediction that this year we’ll see anywhere between $140,000 and $160,000 per Bitcoin.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shuttertock/amgun