If 1% of all money flows into Bitcoin "we are going to $30k very quickly"

16 May, 2019
by Richard Allen
Bitcoin
If 1% of all money flows into Bitcoin we are going to $30k very quickly

BlockTV caught up with Alex Mashinsky, CEO of the Celsius Network at Consensus 2019. Speaking about Bitcoin continued price climb, Mashinsky says “what is happening is much bigger than crypto.”

He continued, “There's no resistance at $6,000, $6,500, $7,500. We’re just going through it like butter. And that means that no one is selling and everyone is buying.” Mashinsky believes the growing tensions between the US and China is the reason for this. “It’s forcing people to reevaluate where they want their assets,” he says.

Because all of the other assets are correlated and linked to the US dollar, if China and the US were to engage in a full-blown war, the dollar will take a dive which will bring the value of every other asset down with it.

“Even if 1% of all the money in the world is trying to get into Bitcoin, that means we are going to $10,000, $20,000, $30,000 very quickly,” Mashinsky notes.

Tuur Demeester, founding partner at Adamant Capital also spoke with BlockTV. He explains they identified what they refer to as “heavy accumulation,” leading them to call the last phase of the bear market. However, Demeester admits that “I wasn’t expecting the markets to recover so quickly,” adding that everything they’ve seen over the last few weeks “validates the thesis that we are now in a bull market.”

BTC/USD chart provided by Tradingview

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