Chinese Crypto Influencer Believe Bitcoin to Reach $500,000-1,000,000
The recent rally in crypto market seems to inject more confidence into bitcoin bulls. Chinese crypto entrepreneur Zhao Dong is hyper bullish when it comes to predicting bitcoin price, claiming that a bitcoin could hit $500,000 to $1,000,000 in value.
Earlier this month, Zhao emphasized that the bull market has not come yet, and analyzed bitcoin will drop to $4,000 again and bounce back before the halving event, then the crypto market will see another massive slump before the real bull come around.
During a recent interview hosted by 8btc, the bitcoin tycoon explains the logic behind his aforementioned analysis, saying the market crashes when no sufficient incremental funds flow in to support it. Be more specific, Zhao explains the inflow funds can be observed from onchain activity and number of new users.
He recalls that at the end of 2017, some exchanges saw their newly registered users increase 10,000 a day, which is incredible as bitcoin is a niche asset back then and it’s impossible to have such many new users. When speculators’ funds and patience are later worn out, the crash begins.
Currently it’s estimated there’re around 20 million bitcoin users globally. Zhao added that bitcoin market will be saturated when it is widely adopted, assuming 1 billion to 2 billion people using bitcoin globally. Though he gives predictions on bitcoin price, Zhao says he rarely sell bitcoins.
“I sold only 10 BTC at the price of $10,000. I believe bitcoin will go up to $500,000-$1 million in the future, and I won’t give up 100 times gains for only several times profits. I think the upcoming bull is the most important one.”
Jiang Zhuo’er, founder of crypto mining pool BTC.Top, also agrees on Zhao’s logic that increasing users will push BTC price as bitcoin supply is limited. Jiang further states that these days may be the last chance of “demographic dividend” for bitcoin. Nowadays almost all the educated know about bitcoin, but they don’t necessarily buy it yet; while after the bull runs, there may be a situation where a large number of people hold bitcoin, or even all the people hold bitcoin, and in such a situation, the demographic dividend of bitcoin will be exhausted.
Though the $1 million forecast sounds hyperbolic, some big names have joined the bandwagon. Crypto bulls have kept faith in bitcoin future and been bold on bitcoin price forecast in the long run with the predicted bitcoin’s price spectrum ranging from $200k to $1 million.
The cybersecurity expert John McAfee had first said in July 2017 that one bitcoin would be worth $500,000 by the end of 2020, and in his latest tweet, he claims that “it is mathematically impossible for bitcoin to be less than $1 million by the end of 2020”.
The stars in the crypto sphere – the Winklevoss twins – predict a bitcoin to hit $320,000 assuming a 10- to 20-year timeline; Multi-billionaire Tim Draper believes bitcoin pricing will be on a generally upward trend on the way to $250,000 by 2022.