Zhao Dong is one of China’s most influential bitcoin billionaires and holds a substantial stake in the exchange Bitfinex. He has stated that the bear market is the best time to buy bitcoin and that the market will turn in 2020.

The cryptocurrency market will turn in 2020

Dong revealed that the cryptocurrency summer would not come until 2021. He shared his opinion in a public chat in local messenger WeChat. The cryptocurrency news outlet 8BTC shared the statement with the world. We are currently in the longest crypto bear market of all time. However, Dong argues that we need to wait a while longer since the bear market will last throughout 2019.

Even though the market might fall some more, he states that it is the best time to hodl bitcoin. He sees that fewer people care about bitcoin now than during the 2017 bull-run, and naturally, the price drops. Dong adds:

“For most people, if they do not pay attention to bitcoin now, they will not pay much attention to most of the time. They will notice the market again only when bitcoin reach a height of many tens of thousands of dollars.”

He advises believers to buy as many bitcoins as they can now when prices are low and when no one cares.

What does Dong predict for the cryptocurrency industry?

When asked about the industry trends, Zhao is optimistic about the long term value. He argues that investors need to brace themselves for a couple of more months to survive the winter. Spring will come in 2020 and summer during 2021. However, investors should not be optimistic or pessimistic since many projects will die while the next wave of promising ones will emerge. It makes 2019 the best and the worst year for investors depending on where you put your money. He gives investors the following advice:

“The only thing you need is patience.”

During a bull market when it seems to be easy to make money, he stays on the sidelines. Now, on the other hand, is a whole other ball game. He uses the bear market to add to his positions and tells investors to do the same. He has earlier predicted that bitcoin would reach $50,000 by 2021.Interestingly, according to earlier statistics, 95 per cent of market predictions are wrong, but Dong could well be within the 5 per cent that get it right.

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