Chinese Bitcoin Bulls Believe Now’s the Time to Buy BTC, Seeing It Reach at Least $74,000

Francisco Memoria

Zhu Fa, the co-founder of cryptocurrency mining pool Poolin, has recently claimed he sees bitcoin hit highs of 5 million Chinese yuan ($740,000) in the future, and that he believes the flagship cryptocurrency will at least be at $74,000. Other Chinese BTC bulls have claimed now’s the right time to buy the cryptocurrency.

According to local news outlet 8BTC, Fa noted that within the cryptocurrency industry some believe the cryptocurrency’s next high will be 10-20 times above that of the last bull run, which saw it get close to the $20,000 mark. He was quoted as saying:

Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next round of bull run.

His prediction was made on local instant messaging platform WeChat, as he was commenting a prediction made by Chinese bitcoin billionaire Zhao Dong, who believes now is a right time to buy BTC as it’s cheap.

Dong, who owns a substantial stake in popular cryptocurrency exchange Bitfinex, commented on bitcoin’s price while participating in a discussion dubbed “The Public Chain Alliance Crossing The Bulls And Bears Elite Team.” Per Zhao, barely anyone cares about BTC today, compared to the amount of people paying attention to the market in December of 2017, when it hit its all-time high.

Per his words, the cryptocurrency ecosystem will only draw in that kind of attention again when bitcoin’s price reaches “many tens of thousand[s] of dollars.” In his opinion, now’s the best time to buy crypto over its low prices, although the so-called crypto winter will reportedly last a few more months.

The bitcoin billionaire believes some companies will disappear over these next few months, and that some will emerge. He added he believes the ‘crypto spring’ will come in 2020, and that the ‘crypto summer’ will come by 2021.

Notably, Chinese cryptocurrency enthusiasts aren’t the only ones bullish on the flagship cryptocurrency’s future. Mike Novogratz, the founder and CEO of crypto fund Galaxy Digital, has recently explained why he believes the beginning of this year will be big for bitcoin.

Cameron and Tyler Winklevoss, the owners of the Gemini cryptocurrency exchange, have back in February of last year claimed they believe BTC has the potential to grow 30 to 40 times, as it can disrupt gold’s $7 trillion market.

Hacked Exchange Cryptopia Enables Trading in 40 Different Currency Pairs

New Zealand-based digital asset exchange, Cryptopia has reportedly resumed trading on its exchange as it is now allowing 40 different trading pairs. This, after Cryptopia recently experienced from several different security breaches.

Support For Bitcoin, Litecoin, Dogecoin Pairs Added

Cryptopia’s management announced (via Twitter on March 18th) that it is planning to expand its list of coins which will again be supported on its trading platform. As noted on Cryptopia’s official support website, the exchange has enabled several different trading pairs (as of March 19th, 2019) with major cryptocurrencies. These include bitcoin (BTC), litecoin (LTC), and dogecoin (DOGE).

In response to Cryptopia’s announcement, Twitter user @dgb-chilling, a supporter of DigiByte (DGB), a cryptocurrency that uses five different mining algorithms, said that he had emailed the exchange’s support team to inform them regarding the coin’s latest update (version 6.17.2). He added that “an upgrade was recommended but not mandatory.”

Meanwhile, Chuck Norris (@CryptoTweet6) remarked: 

Now this is good news! Let’s hope the rest of the coins will be released for trading swiftly.

Other users also considered it “good news” that the compromised cryptoasset exchange was gradually resuming its operations. However, one social media user asked when Cryptopia would start enabling deposits while another inquired about why his ARK coins were still not recoverable from the trading platform. He claimed that he had deposited 1,000 ARK, currently valued at around $628, (a popular proof-of-stake based coin) on Cryptopia. The user also complained that his coins were missing “missing because [the exchange] did not update the ARK wallet."

Tens Of Millions Of Dollars Stolen In Hack

On February 27th, 2019, Cryptopia’s management announced that it was “assessing the impact incurred as a result of the hack” which led to the theft of tens of millions of dollars in cryptocurrency. Last month, Cryptopia’s support team had also estimated that the total loss incurred due to the security breaches was of around 10% of its total holdings (in the worst-case scenario).

Notably, the exchange’s official Twitter account had been silent for several weeks (since Feburary 14th). However, it released several announcements, starting in late February, in which it revealed that its staff members were working on securing each customer’s account individually. Cryptopia’s management also noted that it was taking the appropriate measures to ensure that its trading platform is secure when it is officially back online.