Major Chinese Miner says Bitcoin could hit Anywhere from $74-740k in the Next Bull run
Zhu Fa, co-founder of the Chinese Crypto mining pool Poolin made a prediction that Bitcoin (BTC) could hit as high as $740,000 in the next bull run.
Chinese Crypto media outlet 8BTC reports that Mr.Zhu Fa made his bullish predictions on a WeChat forum while commenting on Zhao Dong’s statement on Bitcoin. He said:
“Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next round of bull run.”
Zhao Dong who is a Chinese Billionaire commented on Bitcoin’s future growth by stating that it’s best to buy and hold on to Bitcoin now more than ever! Zhu also shares the same sentiment and believes that the highs in the next bull run would be 10-20 times the previous high.
According to 8BTC, Zhu is the main operator of Poolin which is the fourth largest mining pool in the world with 11% of the global hashrate. During the highs of Bitcoin, there was a lot of buzz in WeChat forums which has since dwindled. Zhu notes “it now feels more like a bear market”.
Bitcoin reached all-time highs back in December 2017 reaching $20,000, it has since dropped over 80% and is in the longest bear market since its creation. Although Bitcoin’s drop in price has hurt many investors, there seems to a lot of believers like Tim Draper, Mike Novogratz and Tom Lee who think that in the long run Bitcoin will do well.
Even though the market sentiment is down in the retail side, Bitcoin has been slowly gaining traction among the institutional investors. While endowments like Yale, Harvard and Stanford have made investments in Crypto funds, two pension funds recently also invested in $40 Million Blockchain venture fund that holds Bitcoin.
Major institutions like Nasdaq, Bakkt, and Fidelity are set to launch their trading platforms that can support institutional grade investors in a compliant way. Many Crypto experts believe that the next bull run will be fueled by institutional investors.
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