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.”
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.
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