Feb 12, 2019 05:56 UTC
Feb 12, 2019 at 05:56 UTC
Bitcoin Billionaire Says Crypto Slump is The Best Time to Accumulate Crypto
China-based Bitcoin billionaire and one of the biggest OTC traders in the region, Zhao Dong, took to the famous Chinese messaging app, WeChat to express his views on the crypto industry.
According to Dong, the crypto winter has no chances of subsiding anytime soon this year. However, he believes that this is the best time to accumulate cryptocurrencies.
The comments were made by Dong on the WeChat group called ‘The Public Chain Alliance Crossing The Bulls and Bear Elite Team’ when translated from Chinese to English.
During the discussion on the group, Dong said that it is obvious the number of people following Bitcoin has decreased as compared to what it was during the legendary bull run in 2017.
According to Dong, this is one of the reasons for the slump in the price of Bitcoin. The Bitcoin billionaire believes that none of the former followers of Bitcoin will pay attention to the world’s pioneering cryptocurrency again until it skyrockets again. Dong explained,
“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.”
Dong also talked about the crypto industry trends in 2019 in the chat, where he explained that crypto proponents should try and have a good crypto winter at best. According to the investor, spring will only come in 2020, while summer will not show its signs until the year 2021.
Interestingly, back in November 2018, the Chinese billionaire had forecasted that the price of Bitcoin would touch the level of USD 50,000 by 2021.
Dong elaborated on why he thinks it is an excellent decision to accumulate cryptocurrency during the crypto market slump. He said,
“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.”
Dong spoke more on the anticipated happenings in 2019. According to the billionaire, while the year will witness the death of many crypto firms and projects, however, crypto enthusiasts can rejoice as 2019 will also give birth to the next wave of Blockchain-based projects.