Celsius Network CEO Alex Mashinsky is convinced Bitcoin will reach $160,000 by year-end if it becomes legal tender in more than one country
Alex Mashinsky, CEO of Celsius, believes Bitcoin’s price has not yet peaked. In an interview with Kitco News, the entrepreneur predicted that broader adoption of Bitcoin as legal tender in multiple countries could push the cryptocurrency upward to $160,000 before the end of the year.
Mashinsky’s prediction comes just days after El Salvador became the first country in the world to adopt a cryptocurrency as legal tender. The Celsius chief based his forecast on the likelihood that additional nations with larger populations might follow El Salvador’s example.
Explaining his view, the tech entrepreneur said, “So if we can get a Brazil, if we can get a Nigeria, if we can get countries with large populations to accept this coin as legal tender — then you’re going to see an enormous explosion in price because all those new users would create massive new demand. We could then get all the way to $160,000 this year.”
In April, Mashinsky predicted Bitcoin would reach $100,000 by year-end. He noted that Coinbase’s public listing at the time was one factor that could drive price appreciation. The Celsius CEO also suggested crypto participants should learn from Tesla’s announcement to avoid converting the Bitcoin it received for electric vehicle sales immediately into fiat currency.
Mashinsky currently sees several factors that could hinder further gains in Bitcoin’s price. One major concern is increasing regulatory pressure on the crypto sector from various governments, such as China’s. He has also criticized actions by Tesla CEO Elon Musk, who earlier in the year disclosed that the EV maker had purchased $1.5 billion worth of Bitcoin — a move that contributed significantly to the cryptocurrency’s sharp rise.
However, in May Tesla publicly distanced itself from Bitcoin over concerns about the environmental impact of mining, and Musk shifted attention toward the satirical coin DOGE. Mashinsky has called Musk a hypocrite, arguing that Bitcoin — the best-performing asset class of the past decade — does not need Tesla’s endorsement to continue performing well.