Celsius CEO: “Both Bitcoin and Ether will break their record rates in 2022”

Alex Mashinsky, CEO of the Celsius platform, sees a bright future for digital assets. Although the market has been in a bearish decline in recent months, he still believes that Bitcoin (BTC), the most valuable cryptocurrency, could set a record price this year. He predicts the same for Ether (ETH), the second largest cryptocurrency on the Ethereum network.

Mashinsky shared his insights about the market with the crypto news site. Cointelegraph during the Paris Blockchain Week Summit

Simple trading strategy

Despite the somewhat sour mood in the crypto market lately, Mashinsky is confident that both BTC and ETH will see new ones in 2022. all time highs he will realize. “It will take more time before we reach new records,” she continued. Cointelegraph to register. “But I’m still hoping that this year we break that $60,000 in Bitcoin, break $4,500 in Ethereum.”

According to Mashinsky, BTC recently saw very strong support in the $30,000 to $33,000 range. The businessman believes that the recent purchase of Bitcoin by the people behind the LUNA cryptocurrency has played a significant role in supporting the price of BTC. Other institutions that have entered the market also provided the required support. He also noted that if retail investors get involved, it could push BTC to new price records. “I definitely think the demand is there. So, I don’t see us going back to previous lows,” he said.

However, according to Mashinsky, there are also some “clouds in the sky”. If Russia continues its war in Ukraine, it will increase pressure on stock markets, according to the chairman of the board. And that is certainly bad news, as Bitcoin price movements increasingly reflect how US tech stocks fluctuate. In addition, he noted that interest rate hikes by the Fed, the umbrella of the US central bank, they could also put prices in the red.

Furthermore, the trader shared a simple trading strategy. According to him, if someone buys BTC and cannot sleep, that means “(…) you have too much Bitcoin”. However, if someone buys BTC and sleeps like a baby, they don’t have enough Bitcoin. “Find them fair point and stay with that”, he argued.

DeFi and CeFi

Mashinsky also touched on a more technical topic, such as the debate over decentralized (DeFi) and centralized (CeFi) financial services. In DeFi, users rely on blockchain technology to carry out financial transactions. In CeFi, crypto investors place their trust in a company, typically a stock exchange, to manage funds and conduct financial transactions. Both DeFi and CeFi have a wide range of financial services related to cryptocurrencies.

In response to Ethereum CEO Vitalik Buterin’s ideas that the crypto industry needs semi-core solutions, Mashinsky argued: “He (Buterin, ed.) basically says: look, we don’t have to be 100 percent DeFi. CeFi and DeFi are two sides of the same coin. And sometimes you have to use CeFi, sometimes you have to use DeFi, and that’s what Celsius does every day.”

Celsius, the company that runs Mashinky, is a crypto lending platform. Such a fintech company lends cryptocurrencies at a fixed interest rate. When both principal and interest are repaid, they use it to pay back users who deposited or locked their crypto with the company in the first place. This is done at an interest rate that is charged annually.

The interview with Mashinsky – source: Cointelegraph

(jvdh)

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