According to Celsius CEO Alex Mashinsky, Bitcoin doesn’t work as a means of payment – here’s why

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The CEO of the crypto lending platform Celsius does not believe that Bitcoin (BTC) has the correct properties to become a suitable payment option.

In a new interview on Coin Stories, Alex Mashinsky offers a contrasting picture between the qualities of the US dollar and the main cryptocurrency.

“I would much prefer to be in a scenario where the dollar remains the reserve currency but Bitcoin continues to do very well …

The dollar is a phenomenal form of payment. It’s a horrible store of value and Bitcoin is phenomenal store value, but it’s a pretty bad form of payment.

Mashinsky points out that it’s not a good idea to use Bitcoin to pay for goods and services, as he says people who have done so in the past often regret making the transaction.

“If you fell in love with Elon Musk’s deal where he gave you a Tesla for two or three Bitcoins, you obviously hate driving that Tesla because you would in a second backed down and take those three Bitcoins and return the Tesla. , which has lost value over the same period of time.

Anything you bought with Bitcoin in the past 10 years, you would rather get Bitcoin back and would have paid in US dollars. This is really the crux of the matter that you can’t use it as a form of payment or can’t use it in a way that makes you happy with the transaction.

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Featured Image: Shutterstock / laskoart / Andy Chipus

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