BTC and ETH will break all-time highs in 2022: Celsius CEO
Celsius CEO Alex Mashinsky shared his insights on the price trends in the BTC and ETH markets this year
By Shashank Bhardwaj
Image: Piaras Ó Mídheach/Sportsfile for Web Summit via Getty Images
At the recently concluded Paris Blockchain Week Summit, Alex Mashinsky, CEO of Celcius Network–the popular crypto lending service–said that Bitcoin and Ethereum will reach their new all-time highs this year. The discussion happened between the Celcius CEO and Cointelegraph’s Joseph Hall.
Mashinsky shared insights on why he feels his predictions will materialise this year. He said that Bitcoin received strong support around $30,000-$33,000 levels because the demand for Bitcoin remains and that there are slight chances of it revisiting its previous levels.
He affirmed that the traditional finance sector would play a key role in sending Bitcoin’s prices soaring. Terra’s recent acquisition of $10 billion worth of bitcoins for the treasury reserves of its stablecoin TerraUSD acted as a catalyst in driving Bitcoin’s prices higher. He felt that if many other people copied Terra’s example, BTC’s prices would rise further.
Last year he had made similar predictions that Bitcoin would touch the $1,00,000 mark in 2021 but the cryptocurrency witnessed a huge slump post its November ATH and lost half its value. Mashinsky said the adverse macroeconomic factors ruined his predictions.
Mashinsky didn’t ignore the ‘clouds in the sky’ that might affect BTC’s performance. As per him, if the Russia-Ukraine war continues, the pressure will be visible on the markets. Mashinsky cited that the actions of the US Federal Reserve were the other reason for a possible negative turnout.
Despite the misgivings, the Celsius CEO remains optimistic that both Bitcoin and Ether will attain new ATHs this year. He says, “It's going to take us longer to hit new highs. But I still expect us to break that $60,000 this year on Bitcoin, break the $4,500 on Ethereum.”
Besides the price predictions, the Paris Summit discussion also concerned other topics related to the debate surrounding decentralised finance vs centralised finance. Mashinsky also gave his views on Vitalik Buterin’s comment that the crypto sphere needed semi-centralised solutions. Mashinsky commented, “He’s basically saying, look, we don’t have to be 100% DeFi. CeFi and DeFi are two sides of the same coin. And sometimes you need to use CeFi, sometimes you need to use DeFi, and that’s what Celsius does every day.”
Mashinsky also talked of a simple trading strategy that traders could adopt while trading Bitcoin. As per him, if an investor buys BTC and is unable to sleep, they have too much Bitcoin. But if the Bitcoin purchase doesn’t bother them and they sleep like a baby, they haven’t bought enough Bitcoin. He advises investors to ‘find that sweet, sweet spot and just stick with it.’