Alex Mashinsky on banking
From Alex Mashinsky, the CEO of Celsius Network | Blockchain interviews · · InvestmentPitch Media
“banks are not your friends and nothing has changed since basically for the last 100 years. banks continuously have basically tamed all of us not to expect anything out of them right you can expect them to charge you fees but you cannot expect them to pay you any real yield and defies is basically just showing you what is possible.”
On , Alex Mashinsky, Former CEO at Celsius Network, spoke about banking during Alex Mashinsky, the CEO of Celsius Network | Blockchain interviews on InvestmentPitch Media.
About Alex Mashinsky
In a March 2019 town hall for Celsius Network, Alex Mashinsky criticized traditional banks for offering low deposit rates while charging high interest on loans, stating that "your bank takes your deposit, right? Gives you less than 1%, gives you an IOU and lends it to her and charges her 25% of her credit card and keeps 24% to themselves." He also highlighted what he described as economic inequality, saying "there was never in the history of mankind bigger disparity between the rich and the poor" and that he was "shocked that there are no guillotines on the street." Mashinsky noted that Celsius Network's token would only become valuable "if the whole community is creating value inside the community," and mentioned that the company had "at least 50 hedge funds that use us to reduce their tax exposure to defer their taxes."