Instant messaging platforms like Discord, Telegram, and WeChat have seen the growth of groups dedicated to cryptocurrencies over the past couple of years. In a recent WeChat group conversation, Zhu Fa, the cofounder of Poolin, one of the largest crypto mining pools from China, stated that one Bitcoin can cost 5 million Chinese Yuan (about US $74,000) in the near future.
“Bitcoin price will be in the range of 500,000 yuan — 5,000,000 yuan ($74K-$740K) in the next round of bull run,” he said.
He was commenting on a bullish statement made by Bitcoin tycoon Zhao Dong, who believes that now is the right time to buy Bitcoin since no one is paying attention to it.
Mr. Zhao believes that the crypto space is experiencing “crypto winter” and that, like any other season, it will come to its end in 2020 — the year when “crypto spring” starts, followed by “crypto summer” in 2021. So it is best to accumulate Bitcoin now while crypto prices are low.
Mr. Zhao and Mr. Zhu are not alone in their bullish sentiments.
Earlier this week, popular crypto trader and analyst Josh Rager tweeted to his more than 25,000 twitter followers that this could be the last time “the general population can afford to buy a full $BTC,” predicting that after 2021 “Bitcoin could move to a market price where most will only buy fractions.”
Another analyst, Mark Jeffrey, author of the book “Bitcoin Explained Simply”, said Bitcoin could cost as much as US $250,000 when the crypto winter ends.
Until these predictions come true however, investors should take caution. Mr. Zhao warns that many projects will die this year and will be replaced by new ones, stating that there is one thing that investors need while in a bear market — patience.
(Jet Encila is a journalist, editor and freelancer writer from the Philippines).
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