Celsius CEO Alex Mashinsky sat live at the 2021 Miami Bitcoin Conference with Yahoo! Finance for a short discussion in degrees Celsius, Elon and more. With a quick question about Elon’s latest Twitter chat, Mashinsky didn’t hesitate to share his thoughts.
‘The crypto tourist’
“Elon is a tourist in crypto,” Mashinsky stated, adding that “he is here to collect followers. I don’t think I’m here to make the world a better place, and we can go where we’re going with or without Elon. “
Bitcoin fell more than 5% following Musk’s “breakout” tweet earlier in the day. The tweet follows ‘bearish behavior’ around bitcoin from the Tesla CEO. Almost a month ago, Musk cited the use of coal as one of the main concerns that led him to make the decision to stop allowing bitcoin as a payment method for Tesla customers. Various crypto advocates have grown weary of Musk’s sentiment, with some suggesting that Musk’s intention could be market manipulation.
Mashinsky was also not the only cryptocurrency advocate who shared this sentiment; Notorious bitcoin bull Anthony ‘Pomp’ Pompliano said at the conference that “Elon continues to tweet, the price of bitcoin is still lower than it probably should be, giving the entire populace a chance to buy cheap bitcoins.”
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Celsius is fresh off the news of surpassing $ 17 billion in assets stored on the platform, as well as hitting a new company high in BTC holdings. The company also recently surpassed 800,000 retail users. In the interview, Mashinsky cited the banks’ lack of aggressiveness in interest rates as a major factor in Celsius’s success. “You can 9% almost 100 times what JP Morgan pays you,” Mashinsky said, referencing many stablecoin APYs seen in today’s yield-generating markets. “Celsius is a HODLer community,” added Mashinsky.
Celsius has raised more than $ 700 million in interest on loans from institutions, and about 80% is distributed in return to retail consumers: “That’s the real Robinhood,” Mashinsky said.
Elon Musk's tweets have been a source of speculation around bitcoin's recent pullbacks. | Source: BTC-USD on TradingView.com
“The future of finance”
DeFi continues to shake up the scene. When asked about competition from Celsius, Mashinsky said that the competitive advantage relative to BlockFi and other performance-generating companies came down to being the only company that has five sources of performance. Part of that yield-generating machine is a $ 200 million investment in mining, powered by green energy, according to a recent press release.
While institutions continue to get involved, retail growth is likely to continue in the DeFi scene as well, showing a bright future for Celsius and for the broader yield-generating platforms on the scene.
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Featured image from Pixabay, Charts from TradingView.com