According to Alex Mashinsky, CEO of Celsius Network, a DeFi platform, the cryptocurrency market will recover from recent crashes. He also expressed the view that inflation will not destroy cryptocurrencies. Mashinsky also cited Bitcoin (BTC) predictions. Here are the details…
Will the decline in Bitcoin and altcoins continue?
Mashinsky said that he predicts the recovery of the cryptocurrency markets. He even cited a report by JP Morgan stating that “crypto sales have gone to the extreme this week, with a rebound to $38,000 this weekend and next week.” Mashinsky explained that recent events have separated crypto ‘hodlers’ from those who see crypto as merely a speculative investment. “Remember, when Bitcoin recovers, it recovers 5 to 8 times where it was originally, or even more,” said Mashinsky.
Over the past year, US inflation rose to 8.3 percent. Bitcoin’s price fell 9.9 percent over the same period. Still, Mashinksy relies on Bitcoin as an inflation hedge. Mashinsky was also optimistic about falling inflation. “I think we have reached the highest inflation rate,” he said. He also explained that cryptocurrencies will prevail, “You have a long-term trend… the shift from centralization to decentralization, from Web 2 to Web 3, and much of that transition involves cryptocurrencies.”
Mashinsky comments on the LUNA crash
As we reported on cryptokoin.com, the recent crash in LUNA and the algorithmic stablecoin UST has many crypto investors worried. But Mashinsky is not one to worry. He explained that “the LUNA-UST situation is very controlled because most of the people there are either on the LUNA side or on the UST side.” “LUNA doesn’t seem to have any ties to Bitcoin or Ethereum or any of the other top 20 projects,” he said. He also said that Celsius has nothing to do with LUNA or UST. Therefore, it implies that it is not affected by the downturn or negative sentiment. Finally, Mashinsky uses the following expressions:
Looking at Celsius numbers, yes, we had stablecoin outflows. This was probably the week with the most debuts in the last two weeks. But this week we’ve seen the green numbers again… So I’m already seeing a comeback…
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