icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Bitcoin will go all the way to $160K this year, CEO of crypto lending platform predicts

Bitcoin will go all the way to $160K this year, CEO of crypto lending platform predicts
As the price of the world’s top cryptocurrency, bitcoin, continues to hover around $30,000, some industry experts are voicing their bullish long-term views on the matter.

According to Alex Mashinsky, chief executive officer and co-founder of the centralized cryptocurrency lending platform Celsius, the crypto market was bound for a correction following bitcoin’s recent all-time high of over $63,000.

“When you go too high, too fast, you are bound for a correction,” Mashinsky told Cointelegraph at Bitcoin 2021 in Miami. “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.”

He further forecast that he sees bitcoin reaching $160,000 this year, or possibly a bit lower: “We haven’t seen the highs yet for 2021.”

Also on rt.com Bitcoin spikes as Elon Musk denies ‘market manipulation’ & says Tesla to resume crypto transactions when mining becomes ‘clean’

On the subject of Tesla CEO Elon Musk’s latest tweets about bitcoin, Mashinsky noted that the businessman is not helping the crypto community but rather manipulating the market. As such, he said, Musk is simply a “tourist” in the land of crypto. 

“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, it's 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,” Mashinsky explained.

Bitcoin was trading up almost 6% on Sunday, at $32.741 per token.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.