Chinese alleged Bitcoin (BTC) billionaire Zhao Dong believes that the crypto spring will only come in 2020. His opinion, shared in a public chat in local messenger WeChat, was cited by Chinese crypto outlet 8BTC on Tuesday, Feb. 12.
Zhao Dong, who owns a substantial stake in Hong Kong-based crypto exchange Bitfinex, has recently participated in a discussion held in the chat dubbed “The Public Chain Alliance Crossing The Bulls And Bears Elite Team.”
When asked about the future of BTC, Zhao Dong recalled the peak of the coin’s popularity in December 2017. In comparison to that time, no one cares about BTC today, he noted, adding that the coin will draw attention again only when its rate reaches “many tens of thousand of dollars” once again.
Therefore, in the entrepreneur’s opinion, a bear market is the best time to buy BTC. Zhao Dong also added that 2019 will be a year of low crypto prices, noting that the industry needs to brace itself for another several months of crypto winter. In his opinion, many companies will disappear during this period, but new ones will inevitably emerge to make 2019 both the best and the worst time for investors and entrepreneurs.
As for the long-term perspective, Zhao Dong said in the chat that the crypto spring is only coming in 2020, while the crypto summer will not arrive until 2021.
Crypto winter is a term used by industry insiders to define the prolonged bear market that came into being soon after BTC had reached its historical peak of $20,000 in December 2017.
Renowned crypto bulls Tyler and Cameron Winklevoss, founders of crypto trading platform Gemini, once said that they feel “totally at home in winter,” adding that “it gives us time to build internally, and refine and kind of catch our breath.”
Zhao Dong is not the only major player to predict crypto market recovery. New York-based research company Fundstrat Global Advisors has recently released a 2019 crypto outlook, wherein the company describes incremental improvements that will purportedly support higher prices for cryptocurrencies.