Bitcoin Doesn’t Work as a Form of Payment, According to Celsius CEO Alex Mashinsky – Here’s Why

The CEO of crypto lending platform Celsius does not think that Bitcoin (BTC) has the correct properties to become a suitable payment option. 

In a new interview on Coin Stories, Alex Mashinsky offers a contrasting picture between the qualities of the US dollar and the leading cryptocurrency. 

“I’d much rather be in a scenario where the dollar remains as the reserve currency but Bitcoin continues to do very well…

The dollar is a phenomenal form of payment. It’s a horrible store of value and Bitcoin is a phenomenal store value, but it’s a pretty bad form of payment.”

Mashinsky highlights that it is not a great idea to use Bitcoin to pay for goods and services as he says that people who have done so in the past often regret making the transaction. 

“If you fell for Elon Musk’s deal where he gave you a Tesla for two or three Bitcoins, obviously you hate driving that Tesla because you would in a second go back and take those three Bitcoins and return the Tesla, which lost value during the same period of time. 

Anything you bought with Bitcoin in the last 10 years, you rather have the Bitcoin back and would have paid in US dollars. That’s really the crux of the matter that you cannot use it as a form of payment or cannot use it in a way that makes you happy about the transaction.”

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Featured Image: Shutterstock/laskoart/Andy Chipus