- Zhao Dong expects that the market will start recovering in 2020.
- Bitcoin may hit $50,000 in 2021.
The cryptocurrency market will start growing in 2020 and soon refresh the all-time high, according to the Chinese OTC trader and Bitcoin billionaire Zhao Dong. Speaking at WeChat, he said that the crypto spring would not come this year. Still, he believes that the best strategy is to buy and hold.
That’s how he explained the rationale behind the strategy:
“In the bull market, I don’t persuade people to buy Bitcoin, because it seems natural to make quick money but in fact, it is not. Now [in the bear market], I start to talk people into buying Bitcoin.”
He said the now fewer people are interested in what’s going on with the cryptocurrencies than during the bull market of 2017, which is quite natural.
“For most people, if they don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of bitcoins will break them will be noticed again. If you and I believe in the future of Bitcoin, so it is best to hold as much as possible when nobody cares,” he said.
According to Dong, 2019 will be a quiet year for the industry, without significant shocks. However, the prices will start growing in 2020, while Bitcoin may hit $50,000 in 2021.