As the much-discussed intuitional investment, hailed as cryptocurrencies jumpstart to a new crypto era, still awaits, a Chinese Bitcoin billionaire calls for patience.
Zhao Dong, one of the world’s largest over-the-counter traders of Bitcoin, made the plea to the industry suggesting that it could be well into the year before the market gets the boost it needs. The entrepreneur was talking on a WeChat group called “The Public Chain Alliance Crossing The Bulls And Bears Elite Team”, when he made the call for patience.
Zhao, another advocate of a USD 50,000 Bitcoin by 2021 not so long ago, said the “only thing you need is patience”, referring to a large investor surge into the market. He said that those who believed in the future of Bitcoin should hold “as much as possible when nobody cares”. He said also:
“In the bull market, I don’t persuade people to buy bitcoin, because it seems easy to make quick money but in fact, it is not. Now [in the bear market], I start to talk people into buying bitcoin.”
Zhao certainly is not alone, with other high flyers in the industry talking up the flagship cryptocurrency this year, with just Twitter’s CEO Jack Dorsey recently predicting that Bitcoin was to become the internet’s first “native currency”.
As Bitcoin investors and traders wait for the highly-anticipated Bakkt bitcoin platform and a US Bitcoin exchange-traded fund to boost the price, Mike Novogratz predicts Bitcoin is on the recovery after a bubble burst and that it is in a period of “handing off ownership from the people’s revolution“.
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