Bitcoin has already moved up 50% since its September lows, but Alex Mashinsky, CEO of Celsius Network, sees the cryptocurrency moving to new all-time highs by year-end.
“I think we will hit new highs. There are very few assets that hold value and generate yield. Bitcoin is an exceptional source of such appreciation, up over 50% to year-to-date,” Mashinsky told Kitco News.
On the economy, Mashinsky said that we will have a “K”-shaped recovery where some sectors will perform well, but others will continue to lag.
“If you took the numbers that are being reported to you and you broke them into the digital economy and the non-digital economy, you would see that the upper part of the K is Amazon, Apple, and Zoom, and all the other services that are digital and those companies are not experiencing a recession, but almost every other business that isn’t digital is the bottom part of the K and it does have two or three quarters of decreasing revenues,” he said.
Mashinsky added that there is still capital flowing into the tech sector of equities.
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