(Rejected) Celsius Network CEO Alex Mashinsky Sees Bitcoin and Gold as Solution To U.S Dollar Depreciation Disaster

Alex Mashinsky, the founder and CEO of Celsius Network cryptocurrency lending company, has recently said that since fiat currencies, including the U.S dollar, have historically lost most of their value after de-pegged from the price of gold, the best approach for investors to protect themselves against an inevitable decline of the value of U.S dollar is to buy Gold or Bitcoin. Mashinsky said: “The history of fiat demonstrates that every fiat currency, over time, will lose all its value.”

He stated that the U.S dollar has already lost 90% of its value since its de-pegging from gold, and warns that more devaluation of the fiat currency could still happen.

 He said: “We unpegged in 1971 and since then we lost 90% of the value. What we have today is the 10% remaining, but that could still depreciate by 90% or 99%.”

Mashinsky further identified that expansion of money supply has been the cause of several historical devaluations of fiat currencies, and revealed that 20% of all the U.S dollars were printed this year.

He stated: “From a dollar standpoint, the inflation was 20% in 2020, but from a price index standpoint inflation was only 2%. To protect yourself from monetary inflation, you need to be in assets like Bitcoin and gold.”

Mashinsky said that the monetary (financial conditions) is projected to remain accommodative in 2020. He, however, mentioned that as the U.S Federal Reserve would continue to print more money, the government is going to print more deficits. He further added that with the appointment of Janet Yellen to serve as the U.S Treasury Secretary, people will still experience inflation and have a double whammy of taxation and price increases.

Lastly, Mashinsky noted that companies that embrace the digital economy would perform well in 2021 while the rest of the economy recovers slower.