China Bitcoin Billionaire Expects Spring To Arrive In 2020
While Bitcoin (BTC) failed to undergo a rally, investors in this nascent space have kept their heads high. Zhao Dong, purportedly one of China’s most influential and notable Bitcoin bigwigs and a well-known over-the-counter (OTC) trader, recently made an optimistic comment on a WeChat trading group.
According to 8BTC, a local media source, he claimed that while the bear market will continue to the end of 2019, buying BTC at current valuations would be a great strategy. Dong explained that as it stands, the public has avoided paying attention to BTC, thus making it logical to stock up on the cryptocurrency while the general consumer population isn’t FOMOing in.
He backed his comment by drawing attention to his long-term beliefs regarding Bitcoin, noting that the so-called “crypto winter” will end in 2020, when spring and summer begin to fester. Dong added:
Meanwhile the next wave of more promising ones will emerge from ashes, making 2019 both the best time and the worst time for investors and entrepreneurs.
Dong’s comments come after Charlie Shrem, a Bitcoin pioneer, made a similar remark regarding promising projects coming to life in 2019.
Although he seemed to be adamant that the cryptocurrency could post new all-time highs eventually, Dong made sure to note that there’s a chance that BTC and other cryptocurrencies could establish lower lows in this market cycle.
Regardless, he explained that by crypto’s summer phase, $50,000 for each token of the flagship cryptocurrency won’t be out of the realm of possibility.
Crypto Analysts Are Just As Bullish
Zhao Dong isn’t the only industry insider to have touted the merits of buying Bitcoin at current valuations. As reported by Ethereum World News just days ago, Josh Rager, an advisor to TokenBacon and Blackwave, noted that after 2019, potentially few of those in the “general population” could afford an entire Bitcoin.
Thus, he added that by 2021, most common Joes & Jills would only be able to afford fractions of BTC, rather than a whole coin. Rager explained that while global household incomes could increase across the board (due to inflation, better economic conditions, etc.), thus making BTC affordable again, more likely than not, the cryptocurrency will be “out of reach for most.”
Backing his prediction, the popular trader posted a chart in tandem with his optimistic message. The chart showed Bitcoin bottoming in the coming months, before embarking on a jaw-dropping rally that would make 2017’s run look wee. Said rally would continue into and past 2020’s block reward reduction, deemed by Moon Overlord to be one of the most bullish catalysts in crypto’s decade-long history.
The Crypto Dog corroborated Rager’s pseudo-prediction. The analyst, who commands a following of over 100,000 on Twitter, explained that while much has seemingly changed, Bitcoin’s underlying economic properties are still the same. Thus, he concluded that there’s a chance that cryptocurrencies could rally in a parabolic manner again, especially considering the perpetual presence of greed in human society.
In a separate tweet, Crypto Dog explained that for long-term believers in this space, buying BTC at current valuations would likely be economically viable, explaining that now’s the perfect time to dollar-cost-average in, as to ensure that portfolio risk is kept to a minimum.
Then again, some have been quite public with their thesis that cryptocurrencies don’t pose a risk to the legacy economy, thus meaning that assets like BTC can’t take up much of fiat currencies’ current market share. In fact, the U.S. Federal Reserve branch in New York recently issued a harrowing comment regarding cryptocurrencies. In a post made on the institution’s publication, Fed researchers remarked that from a near to medium-term perspective, cryptocurrencies are unlikely to pose a noticeable threat to fiat’s hegemony.
Title Image Courtesy of Descryptive.com Via Unsplash
