Bitcoin’s price dropped the other day, and at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $37,792.26.
Despite the massive volatility these days, Bitcoin is surrounded by all kinds of optimistic predictions. The latest one comes from Celsius CEO.
Alex Mashinsky, CEO of crypto lending platform Celsius, said recently that he’s standing by his prediction of Bitcoin ending 2021 somewhere in the $140,000-$160,000 range.
Bitcoin’s main purpose is a store of value
As reported by the Daily Hodl, in a new interview with Yahoo Finance, Mashinsky said that he sees Bitcoin’s main purpose as being a store of value rather than another specific utility.
“[Bitcoin’s] main purpose is a store of value, right. It’s not an exceptional form of payment. I think the dollar is the opposite. It’s an exceptional form of payment but not a very good store of value. I think there are many cryptocurrencies or digital assets that serve that purpose better, mostly stablecoins and other forms of digital assets,” he said.
He continued and said: “So I don’t think we should take this pristine asset and try to use it to clean the windows or something else with it. It’s very good for one thing and that’s store of value, and that’s what you should be using it for.”
The Celsius CEO says that once BTC breaks a certain range not far above its current prices, the king coin will be surging above $140k by the end of the year.
“I think we are also hitting some resistance here in the $40,000 to $45,000 levels, and there is not a lot of resistance above that, so I think we’re going to consolidate here and break to new highs. I still stand by my prediction that this year we’ll see anywhere between $140,000 and $160,000 per Bitcoin.”
Stay tuned for more news.