Cryptocurrency News

“Elon is a tourist in crypto”


Celsius CEO Alex Mashinsky sat down live with Yahoo! at the Bitcoin 2021 conference in Miami. for finance a brief discussion At Celsius, Elon, and more. With a quick question out of the gate surrounding Elon’s latest Twitter chatter, Mashinsky didn’t hesitate to share his opinion.

‘The Crypto Tourist’

“Elon is a tourist in crypto”, Mashinsky said, “He is here to gather followers. I don’t think he is here to make the world a better place, and we can go where we are with Elon. Going with or without Elon.

bitcoin fell more than 5% Musk’s “break-up” tweet earlier in the day. The tweet follows a ‘bearish behavior’ around bitcoin by Tesla CEO. About a month ago, Musk cited the use of coal as a major concern, leading to his decision to pull the plug on allowing bitcoin as a method of payment for Tesla customers. Many crypto advocates are tired of Musk’s sentiment, with some suggesting that Musk may have intended market manipulation.

Mashinsky wasn’t the only crypto advocate to share this sentiment; Notorious bitcoin bull Anthony ‘Pomp’ Pompliano said at the conference that “as Elon continues to tweet, bitcoin price probably stays lower than that, giving everyone the opportunity to buy cheap bitcoin”.

Related Reading | Celsius Network’s CEL Token Now Listed on OKEx

Celsius’ Buzz

Celsius is fresh from the news of crossing $17B in assets stored on the platform, as well as A New Company-High Hits In BTC Holdings. The company also recently crossed 800,000 retail users. In interviews, Mashinsky noted that banks’ lack of interest rate aggression has been a major factor in Celsius’s success. “You can make about 100x more than what JP Morgan pays,” Mashinsky said, referring to the multiple stablecoin APYs that are seen in yield-generating markets today. “Celsius is a HODLer’s community”, Mashinsky said.

Mashinsky said Celsius has collected more than $700M in debt-generated interest from institutions, with about 80% being distributed in produce to retail consumers – “that’s the real Robinhood”.

Elon Musk's tweets have been a source of speculation around bitcoin's recent pullbacks. | Source: BTC-USD on TradingView.com

“Future of Finance”

Defy continues to rock the scene. Asked about Celsius’ competitiveness, Mashinsky said that it has a competitive advantage over BlockFi and other produce-generating firms as the only company that has five sources of produce. According to a recent news release, part of the yield-generating machine is a $200M investment in mining, powered by green energy.

While institutions continue to get involved, retail growth is likely to continue on the DeFi scene as well – showing a bright future for Celsius and the broader yield-producing platforms on the scene.

Related Reading | TA: Bitcoin Facing Another Rejection, Could Trigger Bad Downtrend

Featured image from Pixabay, Charts from TradingView.com



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