Celcius CEO Not Worried About Bitcoin With Ethereum Seen As A Stock

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Despite regulatory uncertainty, it’s not news that interest in crypto has increased this year. In a recent interview with Coin Stories, Celsius CEO Alex Mashinsky discussed Bitcoin and the regulatory attitude towards the industry. Mashinsky, who is a self-proclaimed Bitcoin maximalist, said:

“We just crossed $ 3 trillion in market capitalization for cryptocurrencies, half of which is held by Bitcoin. So obviously Bitcoin is doing something right.

However, in the context of alt-verse, he noted that the industry needs to win all other use cases. And, “Bitcoin may not do as well,” when it comes to other use cases outside of yield and payment method. Therefore, he believes,

“[No] conflict by being both Bitcoin maximalist and still encouraging for a few other projects. Not for 12,000. I agree that most of these projects will fail.

While Mashinsky encourages more than one crypto project, Charlie Munger of Berkshire Hathaway Inc. took a contradictory position at a recent conference. He said,

“I wish they [cryptos] never been invented.

Tug of war

Seems like the crypto has faced both supporters and opponents throughout its years of adoption. However, when it comes to adoption, Mashinsky felt that most people don’t know how to deal with highly volatile assets like Bitcoin, adding:

“And they don’t find the right entry point …”

Recently, Bitcoin holders sold over 10,000 BTC tokens worth $ 575 million in a single day. The massive volatility was led by FUD in the industry and concerns about the Omnicron variant. With that, SEC Chairman Gary Gensler also hinted somewhat at yet another upcoming crackdown on the industry in a recent memo.

He said: “Many tokens can be unregistered securities, with no disclosure required or market oversight.” Apart from that, he warned the industry that,

“If a lending platform offers securities, it also falls under the jurisdiction of the SEC. “

That said, Mashinsky quickly assured investors that regulators had already said Bitcoin and Ethereum were sufficiently decentralized. Which, in turn, also takes them away from the possible discussion of being ‘headlines’. However, he added,

“So there is still a question mark over other assets. But definitely for Bitcoin and Ethereum, I think we’re all safe.

Adding that even stablecoins are safe enough for people to be careful around the area. Claiming that regulators are there to protect investors, not to confiscate their assets.

Meanwhile, November has not been the ideal month for Bitcoin holders due to the huge corrections it has undergone. However, analysts still have bullish price forecasts for the end of the year.

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