Bitcoin Will Hit $160,000 This Year - Alex Mashinsky

Bitcoin Will Hit $160,000 This Year - Alex Mashinsky

Alex Mashinsky, the Chief Executive Officer and Co-founder of Celsius - the centralized cryptocurrency lending platform - said that he sees Bitcoin hitting $160,000 this year or possibly a bit lower. He made this statement in a recent interview in Miami at an event called Bitcoin 2021. “We haven't seen the highs yet for 2021,” Mashinsky said.

The price of Bitcoin has been diving down for the past weeks, creating panic in the crypto market. Bitcoin still hovers around $34,000 as industry experts are still maintaining bullish bias in the long term.

Mashinsky further explained that the crypto market was bound for a correction, following a rally to the all-time high of over $63,000.

“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we‘re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”

To add to the discussion on the price of Bitcoin, Mashinsky also commented on Elon Musk's recent tweets about Bitcoin. As explained by Mashinsky, Elon Musk is not helping the crypto community, but rather manipulating the market. He noted that Musk is simply a “tourist” in the land of crypto. Probably catching cruise with crypto in general.

Mashinsky also noted that Tesla accepting Bitcoin payments will benefit Musk, but not consumers:

“If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal？ The minute you buy that Tesla, its worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it's not good for you.”

To be honest, the adoption of Bitcoin is a plus for any business if the value keeps increasing. But at the same time, it looks like a double-edged sword. It can also result in a huge loss if the price crashes.