'Buy Bitcoin While Nobody Cares’ Says Chinese Crypto Billionaire

Omar Faridi

Zhao Dong, a Chinese crypto and blockchain influencer and prominent bitcoin (BTC) over-the-counter (OTC) trader, has said that it’s currently a good time to buy bitcoin because “nobody cares.”

Dong’s encouraging statements regarding bitcoin, the flagship cryptocurrency, were posted to a WeChat group, a very popular and widely-used social media platform in China. The Chinese billionaire noted (on February 11th, 2019):

The people who [are currently] paying attention to bitcoin are obviously [a lot fewer] than the [number of interested investors during the] bull market, and ... naturally … the prices [are] low right now.

He added that it would be wise to acquire and “hold as much [bitcoin] as possible [while] nobody cares.” When questioned about what he thinks regarding the various trends and developments in the crypto industry, Dong remarked: 

For 2018, everyone should just try to have a good winter. 2020 [will] bring the [crypto] spring … with ‘summer’ [or the digital asset bull market] not expected until 2021.

Tim Draper Predicts $250,000 Bitcoin Price, $80 Trillion Crypto Market Cap

In November 2018, Dong had predicted that the bitcoin price will surge to $50,000 by 2021 (on microblogging social media platform, Weibo). Last year in November, Tim Draper, another prominent billionaire crypto investor and venture capitalist, also shared his bullish views about bitcoin. Draper had predicted that (during 2018) that the bitcoin price would skyrocket to $250,000 by 2022.

Draper’s comments came during a panel discussion hosted by Fortune’s senior writer, Jen Wieczner. At that time, Draper had been asked to confirm whether he was serious about his bitcoin price prediction. The Harvard and Stanford graduate confidently stated:

Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!

In previous interviews, Draper has said that the market capitalization of all cryptocurrencies will hit $80 trillion. Similar to the way in which other crypto analysts have compared the rise of the internet to the growth and adoption of digital assets, Draper believes the market value of cryptocurrencies will be in the trillions of dollars within the next 10 to 15 years.

Institutions Not Confident About Cryptocurrencies

Notably, individual investors appear to be more confident than institutions when investing in bitcoin and other cryptocurrencies. Giant Wall Street investment bank, Goldman Sachs, which manages over $900 billion in total assets, had warned last year that cryptoassets would “not retain” their value. The New York-based financial institution had argued in an extensive report that cryptocurrencies could not function effectively as money.

More recently, JPMorgan Chase, the largest bank in the US and the sixth largest overall (in the world), had released a report in which it claimed that cryptocurrencies were not being accepted as payment by major retailers. Analysts at JPMorgan had also cautioned that the bitcoin price was unstable and could potentially drop further to around $1,260.

JPMorgan had argued that even during times of economic uncertainty, there were far better investment options than cryptoassets. Analysts at JPMorgan wrote: 

Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging.