News Bites
Ethereum 'flippening' happening now; Mashinsky talks $100k+ BTC this year, quantum computer threats
(Kitco News) - Ethereum "flippening" the hypothetical scenario in which the Ethereum overtakes Bitcoin as the world's largest cryptocurrency, is already happening now, said Alex Mashinsky, CEO of Celsius Network.
"The measurement, is how much in dollar terms do these million [Celsius] users hold? Do they have, in dollar terms, more Bitcoin, or do they have, in dollar terms, more Ethereum? So, Ethereum just surpassed Bitcoin in the last month or two, first time ever our million users have [Ethereum than Bitcoin]. We manage about $17 billion in deposits or customer coins, and the number one coin held in dollar terms is Ethereum," Mashinsky told David Lin, anchor for Kitco News.
Celsius Network is a financial services firm dedicated to providing lending and deposits purely in cryptocurrencies.
The company is also engaged in crypo mining, and has recently made significant investments in mining infrastructure in Canada; the company has recently invested $200 million.
"We are committing another $60 million, most of that is going to be in Canada, some of it is going to be in the U.S. That will make us the largest miner in North America," he said.
For Mashinsky's year-end price targets for Bitcoin and Ethereum, as well as the threat that quantum computing poses, watch the video above. Follow David Lin on Twitter: @davidlin_TV
