Bitcoin hits critical support as Putin just endangered entire global economy – Alex Mashinsky
Bitcoin has just hit a critical support level and has likely seen the bottom for the duration of the conflict in Eastern Europe, said Alex Mashinsky, CEO of Celsius Network.
“I think for this conflict this is the bottom [for Bitcoin]. We have very strong support at that $30,000 level,” Mashinsky told David Lin, anchor for Kitco News.
On the conflict in Eastern Europe, Russian President Vladimir Putin’s ultimate objective is to take back the territories that once belonged to the Soviet Union, Mashinsky said. In doing so, Putin has endangered global economic growth.
“By invading Ukraine, Russia effectively created a lot of uncertainty with global activity. Meaning, every CEO of every company now has to think about, well what if Russia invades another country, what if…it’s a prolonged war in Ukraine and the U.S. has to intervene, or if NATO has to intervene, and so on. All these things create uncertainty. They create less willingness from banks and financial institutions to lend,” he said.
For more information on Bitcoin, China’s response to the war in Ukraine, and global growth, watch the video above.
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