The Chinese billionaire crypt Zhao Dong offered an optimistic forecast of Bitcoin's prices this week, and it is no accident that he followed a flee of purchases.
This is because Dong has the ribs to talk about price in a way that few others can. He lost a lot of money in the Monte. Gox fiasco, and in 2014, he lost nine thousand Bitcoins in a Bitcoin mining effort.
This would bring the weaker hands to the fiat or at least the precious metals, but Dong bought more Bitcoins and eventually made a fortune with the crypt of tip.
"Mt. Gox was ten times worse than what we are going through now, "said Dong." It could have meant the end for Bitcoin, but those of us who have seized the opportunity and resisted have done well. "
In recent days, Dong has resorted to Chinese social media, saying that while the price of Bitcoin may not have hit bottom, this does not change the fact that it will reach $ 50,000 by 2021, an increase of about 12 times.
Dong said that his belief stems not only from the fundamentals of Bitcoin, but also from the changing attitude towards cryptography among those in the financial world and from a growing public awareness of the crypt in general.
Dong joins other crypto-luminaries, including Crypto.IQ's Charlie Shrem, in emphasizing that fortunes are made, not joining the FOMO when the price of Bitcoin increases, but through the purchase of the dives.
"It's true that what's worth often is not easy, and it's also true for Bitcoin," said Shrem. "When the market is a perfect FUD storm and falling prices, you have to have the stomach to keep going, not to jump the ship, and those who can resist a bear market will eventually be rewarded with substantial gains."
The two met recently at the Crypto Intelligence Conference in Las Vegas to get in touch with encrypted investors and discuss strategies that allow speculators to profit regardless of market conditions. Both remain strongly optimistic about the future of Bitcoin and claim that smart money is exploiting the relatively low price of Bitcoin.
Shrem says that while he does not think the bottom is inside, it just means that this is a buying opportunity for cryptic investors who understand this market and the cycles it goes through.
Their feelings echo to other well-known figures in the encrypted space, which also state that the future of Bitcoin is bright. These include Tim Draper, Tom Lee, John McAfee and Mike Novogratz. McAfee said it expects Bitcoin to reach $ 1 million by 2020. Draper's forecast is a little more modest, reaching $ 250,000 by 2022.
Dong, one of the largest OTC traders in China and a considerable shareholder of Bitfinex, also pointed out that the time to buy is now, even if he, like Shrem, thinks the fund may not be there. Using Weibo's Chinese social media platform, he said his followers continue to constantly acquire coins every time the price of Bitcoin drops.
"In the bull market, I do not convince people to buy Bitcoin, because it seems easy to make quick money, but in reality it is not," said Dong. "Now, I'm starting to talk to people about buying Bitcoins, and those who make trucks laden with money do not have a very short-term speculative investment mentality."
It seems that Dong and other songwriters have embraced Warren Buffett's advice to be "scary when others are greedy and greedy when others are afraid".