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Alex Mashinsky, the CEO of centralized finance platform Celsius Network, is saying that the flagship cryptocurrency and gold could surge next year.
Mashinsky says in a Kitco News interview that fiscal and monetary policies in the US will boost Bitcoin (BTC) and gold in 2022 as the money supply grows and fiat currency debasement intensifies.
“They [the U.S. Department of the Treasury and the Federal Reserve Bank] are going to continue to reflate and because of that sooner or later, both Bitcoin and gold are actually going to rip much higher because basically, people will understand that they’re getting taxed and then debased, you know.”
According to the Celsius Network CEO, Bitcoin could more hit a six-figure price in 2022.
“So Bitcoin, I expect it to rip higher again, $140,000 to $160,000 next year. I expect gold to go much higher than $2,000 and stay above those levels when people realize that those are the real only two assets that are not connected to the mother ship which is the dollar.”
Mashinsky says that Bitcoin and gold could, however, fall first before rallying due to the Federal Reserve Bank’s efforts to fight inflation and drawdown asset purchases.
“If we’re seeing inflation continue to rise, we’re seeing the Fed really locking the horns with inflation, trying to put it back in Pandora’s box, I think we’re going to see asset classes including Bitcoin and gold actually take a hit first.
And then they may recover and go higher. But I think everything is going to take a hit first if tapering and the interest rates are going to rise.”
Bitcoin is trading at $49,218 at time of writing.