Alex Mashinsky, Co-founder and CEO of lending platform Celsius Network, has offered some of his most recent thoughts on Bitcoin. During an interview with Kitco News anchor David Lin on February 24, the Celsius CEO indicated that Bitcoin’s strong support is around $30,000 as the market reacted to news of Russia’s invasion of Ukraine.
He said that the worldwide dispute had likely spooked investors and was to blame for Bitcoin’s precipitous price drop. The CEO, on the other hand, was confident that the price would rise even higher than before. According to The Daily Hodl, Mashinsky said, “Yes, I believe this [Russia-Ukraine] conflict has reached its worst. We hold the support at $30,000 level… We’ll maintain the present levels.”
Mashinsky stated that Bitcoin’s price drop last week had served to flush out excessive leverage and overextended investors from the market. He said that the majority of traders who intended to “get out” were wiped out in the fall, leaving buyers who were ready to take advantage of the price discount: “All of the people who were using leverage were flushed out. All of the traders who wanted to get out because of the negative news had already sold. Cryptocurrency does not have as much sway as many people believe. When those individuals sell, there are only buyers remaining, and prices will rise as a result.”
Mashinsky highlighted Bitcoin’s strong fundamentals, such as its limited supply and scarcity over time. He said that scarcity, combined with rising demand, means that Bitcoin’s price will rise as more people use it.