TL;DR Breakdown
- Fiat inflation is strengthening Bitcoin.
- Companies like Tesla are adopting BTC as means of payment.
- BTC will hit $160k and close at around $100k.
There have been quite a lot of Bitcoin price predictions going around, with most people holding a rather bullish view on the top crypto. Now, the CEO of Celsius Network thinks BTC will hit the highs of around $160k in the course of 2021. Celsius is a lending platform focused mainly on digital assets like cryptos, and Alex Mashinsky is the CEO.
While speaking during an interview, Alex noted that fiat inflation, due to excessive printing of money, is one of the reasons that could be driving people to Bitcoin. This puts BTC in an advantageous position to win against fiat by virtue of its supply being finite as opposed to the infinite nature of fiat currencies. There can be no more than 21 million BTC as hard-coded into its network, but governments can print fiat currencies whenever they wish. In fact, trillions of fiats have been printed in the last 3 years alone.
Bitcoin as means of payment
Going on, Alex expressed satisfaction in that a lot of major entities have recognized BTC as a credible means of payment as well as a store of value. He referred to Tesla’s decision to allow its customers to make BTC payments for car purchases as one of the great steps towards the crypto’s adoption. Tesla has also included BTC in its business balance sheets.
Also, MicroStrategy has recently passed a decision to pay its directors in Bitcoin, something that has greatly worked in BTC’s favor as it now seems to have achieved true acceptance even among corporate entities.
$160k and closing at $100k
Besides these favorable factors, Alex noted that Coinbase is set to go public in the coming week, an event that could prove bullish for BTC. The CEO sees Bitcoin’s price shooting all the way to the $160k range before pulling back to close the year at around $100k. Still, a $100k close is much higher than the current price, meaning that the crypto will be closing the year on a high note.
HODL or spend?
With all these factors mentioned, there remains the question of whether Bitcoin holders should keep their coins or spend them. Alex recommends HODLing.
