China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptocurrency and asserts now is a good time to buy Bitcoin.
Bitcoin price hit a fresh 13-month low on Wednesday of about $4,277, down 25% in two days and posting a massive 80% drop from a year ago, according to data from CoinMarketCap. The burning questions resurface: Will the price of the leading digital currency make a new all-time high? And when?
Zhao Dong who sees bitcoin as a buy-and-hold asset advises crypto investors to buy every cash from now on.
“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 I start to talk people into buying Bitcoin.” Zhao said on Weibo Wednesday, a twitter-like social media platform in China.
He thinks good investment opportunities come when the public shows little interest in digital assets, but investors need a little patience. “ Those who make truckloads of money do not have a very short-term speculative driven investment mindset,”Zhao added.
Although the crypto bear market is expected to spill even more blood, he bets on a recovery within 3 years. “ 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. ” Zhao said.
He predicted Bitcoin price will hit $50,000 to $100,000 in 2021.
Zhao first entered the bitcoin market in 2013 with 10 million yuan in initial investment. And soon 10 million yuan turned out to be 100 million yuan within a year. However, the overoptimism and misjudgement shortly led him to open heavily leveraged positions. As a result, Zhao found himself 60 million yuan indebted to his friends after losing 9,000 bitcoins in a single day in February 2014. So he advises investors not to “all in” on cryptocurrencies too early.
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