Celsius CEO Says: “Bitcoin Will Reach $ 160,000 This Year”

Although the price of Bitcoin (BTC) continues to hover around $ 30,000, industry experts note that there is a bullish long-term view.

To be clear, Alex Mashinsky, CEO and co-founder of Celsius – the centralized crypto lending platform – told Cointelegraph at Bitcoin 2021 in Miami that Bitcoin will hit $ 160,000 this year, or maybe a little lower. “We haven’t reached the peak for 2021 yet,” said Mashinsky.

Mashinsky further commented that the crypto market is facing a correction after Bitcoin’s recent all-time high of over $ 63,000:

“If you go too high and too fast, you have to adjust. You can see my tweets in both March and February saying, “We’re going to crash, we’re going to have a fix.” I’m forecasting $ 30,000. Bitcoin is like a spring – we stretch it too much and use too much leverage. Too many people were greedy. “

“Elon Musk manipulates the market”

In addition to discussing the price of Bitcoin, Mashinsky also commented on Elon Musk’s recent tweets about Bitcoin. According to Mashinsky, Musk is not helping the crypto community, but rather manipulating the market. As such, he found that Musk is simply a “tourist” in the land of cryptocurrencies.

Mashinsky also noted that Tesla would benefit from accepting Bitcoin payments to Musk, but not consumers:

“When the richest man in the world is ready to exchange a Bitcoin for a Tesla, one has to ask, who gets the bargain? Once you buy this Tesla, it’s worth less than you paid for it, but Bitcoin will continue to appreciate in value. So this deal is good for Elon, but not good for you. “

Celsius moves business to the US

Roni Cohen Pavon, Celsius chief revenue officer, told Cointelegraph that Celsius will be relocating its business from the UK to the US in the coming months.

According to Cohen Pavon, the move to the US is being driven by recent regulatory uncertainties in the UK for crypto companies. “We have come to the conclusion that the UK is not the most stable place for degrees Celsius in terms of regulations and geopolitical views,” he said.

Although Celsius has had a physical office in the US since 2019, Cohen Pavon stated that Celsius is now becoming a limited company, or LLC. “Nothing has changed in our services – we are now an LLC instead of Celsius Network Limited. I believe the transition to joining as a US company will be completed in early or mid-August. “

Watch the full interview here!