Despite the value of bitcoin of Bitcoin (BTC) is still hovering near $30,000, industry insiders believe the long-term outlook remains optimistic.
To put this in context, Alex Mashinsky, the ceo and co-founder of Celsius, a centralized cryptocurrency loan platform, opined that he believes Bitcoin will hit $160,000 this year, or perhaps slightly lower.
“For 2021, we have not seen peak yet,” Mashinsky added. Citing Bitcoin’s latest all-time peak of almost $63,000, Mashinsky predicted that the cryptocurrency market will see a price correction:
“If you go too high, too quickly, you’re going to have to make a technical correction.” In both March and February, I tweeted, “We gonna have a meltdown, we’re going to have a correction.” I forecasted a price of $30,000 in my forecast. We overstretch Bitcoin like a spring, putting too much bargaining power on it. “An excessive number of individuals have become money hungry.”
Mashinsky remarked on Elon Musk’s recent comments on Bitcoin in addition to addressing the price of Bitcoin. Musk, as per Mashinsky, is exploiting the system instead of assisting the crypto community. As a result, he stated that Musk is only a “visitor” in the crypto world. Tesla allowing Bitcoin payments will favor Musk, but not customers, according to Mashinsky:
“If the world’s wealthiest man is prepared to trade a Bitcoin for a Tesla, you have to wonder who is receiving the best bargain. The moment you get that Tesla, it’s valued less than the actual purchase price, but Bitcoin’s value is only going to rise. So the deal is fantastic for Elon, but not so much for you.”
Celsius’s chief revenue officer, Roni Cohen Pavon, also informed Cointelegraph that the company’s commercial activities will be relocated from the United Kingdom to the United States in the following months. The move to the United States, as per Cohen Pavon, was prompted by recent regulatory uncertainties in the United Kingdom for crypto firms. “We arrived to the decision that, in terms of legislation and geopolitical views, the United Kingdom might not be the most stable region for Celsius,” he added.
Celsius has maintained a physical presence in the United States since 2019, but according to Cohen Pavon, the firm will really become a limited liability corporation, or LLC. “Our services remain unchanged; we are now a Limited Liability Company (LLC) rather than a Celsius Network Limited. By early to mid-August, I expect the transformation to serve as a U.S. corporation to be successful.”
