During the recent Paris Blockchain Week Summit, Cointelegraph’s Joseph Hall sat down with Alex Mashinsky, CEO of Celsius Network, to talk about several topics, including where the Bitcoin and Ether markets are going.
According to Mashinsky, Bitcoin (BTC) received very strong support at around $30,000 to $33,000. The entrepreneur believes that Terra’s recent BTC purchase played a significant role in supporting BTC’s price, along with other institutions entering the market. He also mentioned that if retail investors join in, it may lead BTC to new highs.
“I definitely think that the demand is here. So, I don’t see us revisiting previous lows.”
On the other hand, Mashinsky also recognized that there are some “clouds in the sky.” According to the Celsius CEO, if Russia continues its attacks on Ukraine, the pressure will be felt by public markets. Apart from this, he also noted that actions from the United States Federal Reserve may also lead to a negative turnout.
Despite the hurdles, Mashinsky is confident that both Bitcoin and Ether (ETH) will reach new all-time highs in 2022. He explained that:
“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.”
Apart from price predictions, Hall and Mashinsky also talked about other topics such as the conversations surrounding decentralized finance and centralized finance. Commenting on Vitalik Buterin’s notions on the crypto space needing semi-centralized solutions, Mashinsky said:
“He’s basically saying, look, we don’t have to be 100% DeFi. CeFi and DeFi are two sides of the same coin. And you sometimes you need to CeFi, sometimes you need to use DeFi, and that’s what Celsius does every day.”
Lastly, the entrepreneur shared a simple trading strategy. According to him, if someone buys BTC and can’t sleep, “That means you have too much Bitcoin.” However, if one buys BTC and sleeps like a baby, they don’t have enough Bitcoin. “Find that sweet, sweet spot and just stick with it,” he said.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.