Zhao Dong, Bitcoin billionaire and one of China’s biggest OTC traders, has taken to WeChat to opine on the industry. He predicts no thaw of crypto-winter this year, but says now is the best time to stock up and hodl.
The Public Chain Alliance Crossing The Bulls And Bears Elite Team
Dong made his comments in the WeChat group for ‘The Public Chain Alliance Crossing The Bulls And Bears Elite Team’. One can only hope that sounds better in Chinese.
He said that obviously fewer people are following bitcoin now than during 2017’s bull run, hence the natural price drop. Furthermore, he suggested that these people would not start paying attention again until the price returns to tens of thousands.
For most people, if they don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of bitcoins will break them will be noticed again. If you and I believe in the future of Bitcoin, so it is best to hold as much as possible when nobody cares.
A Man For All Seasons (Except Autumn)
When asked about industry trends, he said that for 2019, everyone should just try to have a good winter. 2020 would bring the spring, he thought, with summer not expected until 2021. Incidentally, back in November 2018, Dong predicted a bitcoin price of $ 50,000 by 2021, on microblogging site, Weibo.
He explained his rationale for investing, and why to buy in a bear market, thus:
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 [in the bear market], I start to talk people into buying Bitcoin.
It Was The Best Of Times, It Was The Worst Of Times
Back to 2019, Dong cautioned not to be too optimistic or pessimistic, saying that more companies and projects would die. However, he went on to say that some hope will be born of it because the next wave of projects will emerge from this period.
This, he said, would make 2019 both the best time and the worst time for entrepreneurs and investors. Despite the deaths of more companies and projects, good projects are cheaper to invest in. And entrepreneurs can take advantage of competitors at their lowest point.
Dong signed off with a simple piece of advice for investors and entrepreneurs alike:
The only thing you need is patience.
…only in Chinese, obviously.
Do you agree with Dong that patience is key? Share your thoughts below!
Images courtesy of Twitter, Shutterstock