Alex Mashinsky Explains Why Bitcoin Might Not Be The Best Payment Option

Alex Mashinsky, the CEO of crypto lending platform Celsius does not see Bitcoin (BTC) becoming a suitable payment option.

Mashinsky shared a contrasting view between the qualities of the US dollar and the leading cryptocurrency in a recent interview with Coin Stories. 

“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.”

The expert points out that it might not be the best idea to use Bitcoin to pay for goods and services, and highlights that people who have done it in the past have often ended regretting the decision.

“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.”