Despite the fact that price of Bitcoin continues to fluctuate around $30,000, experts note that the long-term outlook is encouraging. So, Celsius CEO Alex Mashinsky announced that the price of Bitcoin could reach $160,000 by the end of this year. Highlighting that cryptocurrencies will spread to a wider audience. “We have not yet reached the highs for 2021”, Mashinsky said at the Bitcoin 2021 conference.
Thus, Alex Mashinsky has updated his Bitcoin price prediction.
In January of this year, the expert said that BTC could rise to $ 70,000 by the end of this year. But now he changed his mind, saying that the first cryptocurrency could go up to $ 160,000.
“Maybe China will go crazy and the price of Bitcoin will collapse tomorrow, but the overall trend is upward. If the holders don’t sell their coins, then the first cryptocurrency could exceed $ 100,000 and reach $ 160,000 this year”, said the CEO of the Celsius Network.
He believes that cryptocurrencies will spread to a wider audience thanks to companies like PayPal, Visa, Venmo and their hundreds of millions of users.
“The US continues to print money, which is driving demand for Bitcoin, Ethereum and altcoins”, says CEO of Celsius Network.
El Salvador and Bitcoin
Regarding El Salvador’s decision to make Bitcoin legal tender, he said:
“If we can get Brazil, if we can get Nigeria, if we can get countries with large populations to accept cryptocurrencies as legal tender, you will see a huge explosion in value. Because simply acceptance by all of these users will create huge new demand”.
Alex Mashinsky is sure that Tesla CEO Elon Musk is not in solidarity with the crypto community, rather, he is manipulating the market.
He said the following:
“I call him [Bitcoin] tourist because anyone who comes from fiat land to crypto land and comes here for the wrong reasons and then leaves for the wrong reasons is a tourist. He has very strong supporters all over the world, but within the Bitcoin community his influence is waning”.
He also noted that buying a Tesla car with Bitcoin would benefit Musk, not consumers. The car costs less than what you pay for it. As Bitcoin continues to rise.
As such, the head of Celsius noted that crypto users should learn a lesson from Tesla’s announcement that they are not converting the Bitcoin they get from buying their electric vehicles into fiat currency.
What could stop the Bitcoin price rally?
The head of Celsius currently has concerns that he believes will hinder the rally in Bitcoin prices. First, he noted the growing appetite of governments to regulate the crypto sector, pointing to China as one such government. He also questioned the actions of Tesla CEO Elon Musk, who announced that the electric car maker had acquired $ 1.5 billion worth of Bitcoin earlier this year. This acquisition has significantly contributed to the explosive growth in the value of the crypto coin.
However, citing environmental concerns in May, Tesla was no longer susceptible to Bitcoin and Musk turned his attention to the satirical Dogecoin. Mashinsky blamed Elon Musk for hypocrisy. He argued that as the most efficient asset class of the past decade, Bitcoin doesn’t need Tesla.