Celsius Network CEO believes Gold could reach $3,000 by year end

Gold prices started to rise after the US Federal Reserve announced unlimited stimulus to revive the US economy. Celsius Network, founder and CEO Alex Mashinsky, said that after the US Federal Reserve’s actions, there has been a continuous increase in the price of gold. He added that people are getting worried about the recovery and the printing of trillions of dollars. Celsius Network CEO believes that this is driving an increase in allocation towards gold among investors.

Gold could climb $3,000 per ounce by the end of next year.

Celsius Network CEO is expecting the gold to reach $3,000 per ounce by the end of the next year, but he also admitted that the price could even go higher depending on how bad the currency debasement gets. He further noted that one of the biggest risks that the US economy faces is the risk of the US dollar, losing its value as the world’s reserve currency. CEO explained that the investors believe that they are diversified by owning different types of stocks, but if they are all denominated in US dollars, then they are not diversified at all.

US dollar could lose its power as the world’s reserve currency.

Celsius Network CEO believes that there are very high chances of the debasement of the US dollar. He added that it’s not just about the dollar losing its value, it’s also about the US dollar losing its value as the reserve currency of the world. Over 70% of global transactions are denominated in the US dollar. Earlier, US Federal Reserve announced to provide unlimited aid to the government to revive the economy in the wake of the coronavirus pandemic.

US Fed announced a further $3 trillion stimulus packages to help the economy get back on track. The United States is the hardest-hit country with COVID 19 as the country has the highest death toll and the most number of positive cases in the world.