Zhao Dong, a well-known Bitcoin billionaire in China, recently predicted that the bitcoin price will surge to 50,000 U.S. dollars within the next three years.
Dong, who according to reports owns a stake in digital asset exchange, Bitfinex, said that it is currently a good time to buy bitcoin as he believes the supreme cryptocurrency price will appreciate in the coming years.
Dong quoted on Weibo, “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. Those who make truckloads of money do not have a very short-term speculative driven investment mindset. Perhaps Bitcoin price will continue to drop even lower, and it may fall up to 50 percent. But it is still worth steadily acquiring coins every time it hits a new low. You possibly see a yield of 100 to 200 percent in 3 years.”
Ironically, Dong’s bullish prediction comes as bitcoin dropped to its lowest price since the last 13 months. The BTC price fell to around 4,277 U.S. dollars and is currently trading at around 4,335 U.S. dollars.
Although it still remains unclear why cryptocurrency prices continue to decline, there had been researching reports published recently, which concluded that the markets were being manipulated by “informed traders” and that they “had been the key drivers of the observed price changes.”
Although the crypto bear market is expected to take more hits, Dong bets on a recovery within 3 years. He predicted Bitcoin price will hit 50,000 U.S. dollars to 100,000 U.S. dollars in 2021.
Zhao first entered the bitcoin market in 2013 with 10 million yuan in initial investment. Very soon 10 million yuan turned out to be 100 million yuan within a year.
However, missteps and wrong approaches shortly led him to compromise on his fortune. As a result, Zhao found himself 60 million yuan indebted to his friends after losing 9,000 bitcoins in a single day. So he advises investors not to indulge on cryptocurrencies too early.
Another crypto marketing professional added,
“If you are not actively trading the volatility or buying – don’t even look at the prices today. Your emotions will make bad decisions.”
Rightly said, never bank on your emotions, there is a bright future for the cryptocurrency.