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- Bitcoin (BTC) is still hovering around $30,000 in price
- Musk is not assisting the cryptocurrency community; rather, he is manipulating the market
- Tesla accepting Bitcoin payments will benefit Musk, but not consumers, according to Mashinsky
Despite the fact that the price of Bitcoin (BTC) is still hovering around $30,000, industry experts believe the long-term outlook is bullish. To put this in context, Alex Mashinsky, CEO and co-founder of Celsius, a centralized cryptocurrency lending platform, stated at Bitcoin 2021 in Miami that he believes Bitcoin will reach $160,000 this year, or possibly even lower.
According to Mashinsky, the highs for 2021 have yet to be seen. Following Bitcoin’s recent all-time high of over $63,000, Mashinsky predicted that the crypto market would experience a correction.
A correction is inevitable when you go too high, too fast. In both March and February, he tweeted, We’re going to have a crash, we’re going to have a correction. He predicted a total of $30,000 for the year. We overstretch Bitcoin like a spring, putting too much leverage on it. Too many people have become greedy.
Elon Musk’s market manipulation
Mashinsky commented on Elon Musk’s recent tweets on Bitcoin in addition to discussing Bitcoin price. Musk does not help the crypto community according to Mashinsky, instead, it manipulates the market. He noted that in the crypto land, Musk is simply a tourist.
Mashinsky also said that Tesla will benefit Musk, but not consumers, by accepting Bitcoin payments: You have to wonder, who gets a good deal, if the richest guy in the world will exchange a Bitcoin for a Tesla? Whenever you buy Tesla, it’s worth less than what you paid for, but Bitcoin will keep on rising in value. So for Elon, this transaction is good, but not good for you.
Celsius moves business activities to the United States
Celsius’s chief revenue officer, Roni Cohen Pavon, also told Cointelegraph that the company’s business operations will be moving from the United Kingdom to the United States in the coming months.
The move to the United States, according to Cohen Pavon, was prompted by recent regulatory uncertainty in the United Kingdom for crypto companies. They came to the conclusion that, in terms of regulations and geopolitical perspectives, the United Kingdom is not the most stable place for Celsius, he said.
Celsius has had a physical office in the United States since 2019, but according to Cohen Pavon, the company will now become a limited liability company or LLC. Nothing has changed with their services; they are now a Limited Liability Company (LLC) rather than a Limited Liability Company (LLC). He expects the transition to engaging as a United States entity to be completed by early or mid-August.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
