Crypto Bear Market will Continue Through 2019 and 2020 says Bitmain’s sales Representative
Dai Pengcheng Bitmain’s sales representative said in a recent interview that the Crypto bear market will continue through 2019 and 2020.
The Cryptocurrency market cap has dropped over 85% from a peak of $800 Billion to $120 Billion. Bitcoin (BTC) the largest Cryptocurrency has lost over 82% of its value from its peak price. The longest Crypto bear market so far was 1178 days long (or 3 years) in 2013/14 before hitting all-time highs again in February 2017. In the current bear market 396 days have already passed since Bitcoin’s all-time high, if the same pattern was to repeat then Bitcoin would not hit all-time high’s until March 2021.
Chinese Crypto media outlet Chaindd interviewed Mr. Dai in an event called “Getting a Pub” held on January 17th.
Dai said (translated):
“2019 and 2020, the digital currency market will continue to remain low. However, it (Bitmain) still invests in digital currency, and it will also obtain digital currency through the cheapest way of mining, and will later acquire more digital currency through the mining business.”
Bitmain to continue hoarding Crypto
Bitmain has been hit hard in this bear market, not only did the mining giant lay off more than half of its employees but also ended up closing its offices in Israel and Amsterdam. Bitmain’s Jihan Wu is also reportedly stepping down from his CEO position.
But their belief in Cryptocurrencies as an asset class doesn’t seem to be deterred. Dai Pengcheng says that Bitmain will continue to accumulate Cryptocurrencies in the cheapest way possible which is mining it. Bitmain currently holds around 8500 Bitcoins (BTC) in its public wallet and an unknown amount of Altcoins. According to a leaked document from August last year Bitmain held 930,932 LTC (~$28.3m), 1,021,316 BCH (~$131.5m), 22,082 BTC (~$79.2m), 312,424 DASH (~$22m), and 1,097 ETH (~$132k) a good portion of which could have been sold up until now.
Bitmain Layoffs are Bearish for Bitcoin Cash (BCH) and Litecoin (LTC) says Kyle Samani
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