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On October 9th, the CEO of Celsius Alex Mashinsky streamed an AMA session during which he shared his thoughts on the company’s development and ways in which to make money with the latest investment options.
Invest instead of spending loaned money
Alex started by discussing the situation in the USA: the overall country debt is $4 trillion and the nation’s tendency to borrow credit is only gaining traction. Instead of saving money and finding investment options, people get credit cards and spend money on what they (don’t really) need. The overall interest of credit goes up by 20-25% per year, which is a significant loss.
People don’t count the commissions taken by the banks, that’s why they hardly comprehend how much they lose when they choose the wrong financial strategies. Fees and obligatory payments can be really painful when you calculate how much is charged, say, in one year.
Alex advises us not to spend money that we don’t really possess. Instead, it’s important to search for alternative profit-generating opportunities one of which is cryptocurrencies. While cars and property lose their value quickly, crypto coins continue to grow. For example, Bitcoin has grown by 9,000,000% over 11 years!
Financial services from Celsius
The Celsius company offers basic financial services, including cash loans that use crypto as collateral. The interest rate starts from 1% and there are no hidden payments. So far, this program is more beneficial than what’s on offer at traditional banks.
If you want to earn, there are several major services available, including arbitrage, liquidity provision and crypto loans. Aside from that, CellSwap allows the exchange of any coin for CEL cryptocurrency.
Celsius works with large financial institutions to expand its infrastructure and stay ahead of the competition. Risks are minimized, thanks to support from Wall Street and other organizations. Even if users don’t get back the borrowed money, the crypto collateral is available to cover the loss.
In case of a margin call, users can get the credit back, add coins or reduce the credit. 24/7 customer support is always ready to help in such situations.
A few words on the future of Celsius
There is no roadmap for 2020-2021 because everything changes too quickly when it comes to blockchain and cryptocurrency. However, Celsius keeps presenting new services and updates every 3-4 weeks - the company’s development is dynamic.
In the mid-term, the team plans to make CEL cost $1.5 - this goal will be accomplished soon. The company heads have their CEL funds locked for 3 years, the team members - for 2 years. That’s why they cannot manipulate the price of coins by selling them all at once.
Don’t forget that you can manage your funds via the Celsius app - it’s being improved and developed and has web account connection coming soon.
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