A Chinese crypto #mining pool founder predicted that the next bull run would unleash the market’s full potential, enabling the #Bitcoin price to ascend to unfathomable heights before the euphoria cools down.
BITCOIN MARKET CAP TO $12 TRILLION?
News 8BTC’s Lylian Teng reports:
“Zhu Fa, co-founder of crypto mining #pool Poolin, recently made a bullish statement on bitcoin’s price, predicting that bitcoin would surge to new #highs at 5 million Chinese yuan (roughly US$740,000).”
“From record high above $17,000 to year lows near $3,000, Bitcoin’s year-long #turbulence has not discouraged crypto bulls. The operator of the world’s fourth-largest #mining pool with over 11% of global #hashrate still goes hyperbolic on bitcoin price forecast despite the current sluggish #climate.”
“Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next #round of bull run.”
If Bitcoin were to rise so dramatically as Zhu Fa suggests, he’s #predicting its future market cap will be USD$12 trillion.
THE FLAGSHIP CRYPTOCURRENCY’S CURRENT ALL-TIME HIGH
Bitcoin’s current price peak occurred on December 17, 2017 when #buyers had to fork over 200 Benjamins (USD$20,089) to purchase 1 BTC. At that #time, the coin had a market cap of USD$326,141,280,256.
TIME TABLE FOR HIS PREDICTION?
Zhu didn’t give a time frame more specific than “next round of #bull run” in his recent comment on another crypto influencer’s remarks on instant messaging platform #WeChat.
Eyeballing the graph of Bitcoin’s last bull run, the #price seems relatively level until the beginning of 2017, and that’s where it “goes parabolic,” #rocketing straight up by the end of the year when it peaked at its all-time high.
WINKLEVOSS TWINS PREDICTED $4 TRILLION IN DECEMBER
Cameron and Tyler Winklevoss predicted in #December that the world’s most highly valued private currency could appreciate against the U.S. #Dollar by as much as 4,000% to a total market value of $4 trillion:
“The twins have often compared #Bitcoin favorably to gold, forecasting that the digital asset will disrupt the yellow #metal, and Cameron Winklevoss said that the recent Bitcoin price decline has not caused him to waver from this #optimistic prediction.”
The Brothers Winklevoss were the first verified Bitcoin #billionaires. They invested massively in Bitcoin early on when 1 BTC was priced at USD$120, and they are #hodling on tight.
TIM DRAPER: BITCOIN TO $250K BY 2022, $80 TRILLION MARKET BY 2033
In September, American tech billionaire, venture #capitalist, and crypto bull Tim Draper stood by his April prediction that Bitcoin would reach $250,000 by 2022, which would put the total #market cap of the cryptocurrency comfortably above $4 #trillion.
He also predicted that the overall #cryptocurrency market cap would be $80 trillion by 2033.
THESE PEOPLE ARE JUST SAYING NUMBERS
It seems to me that people are flashing around big numbers but not saying very much of #substance to justify these figures. Of course, it’s tough to put together solid assumptions to make #specific predictions, but if they’re going to say the figure, I think they should #elaborate some solid ground to make the numbers they’re stating at least meaningful and to be more #precise about what they do know and – more importantly – what they don’t.
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