Celsius Network’s chief urged to sell stocks and buy more bitcoins
Alex Mashinsky believes investors need to exit the US stock market ahead of its recession
13.04.2022 - 14:20
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What’s new? Celsius Network CEO Alex Mashinsky has recommended selling stocks and buying bitcoin in the coming recession in the United States. In an interview with Kitco News, he spoke about his strategy in this situation, not to resist the Federal Reserve System (Fed), which implies an exit from the US stock market.
What else did Mashinsky say? The Fed is putting a lot of pressure on the economy and reducing market liquidity by raising interest rates. Mashinsky expects a recession to arrive in 2023 and believes that the Fed will be unable to prevent it. But cryptocurrencies, in his view, will do well in these conditions. He predicted that bitcoin will hit a new all-time high this year, adding:
“The issue is how much resistance bitcoin will face following this, but we will see bitcoin over $100 000 this year.”
What is known about Celsius? It is a crypto lending platform founded in 2017. The service offers users loans secured by cryptocurrencies, deposits in cryptocurrencies and stablecoins, as well Celsius Wallet, a cryptocurrency wallet. In October 2021, Celsius reported the successful completion of a funding round in which the company raised $400 million.
What had happened before? Bank of America’s chief investment strategist Michael Hartnett stated that cryptocurrencies could outperform bond and stock yields. He also predicted a “recession shock” is coming in the United States amid a tightening of monetary policy by the Fed.
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