TRON (TRX) founder Justin Sun has revealed he believes the cryptocurrency bull market isn’t over and that a new rally is due in the next few months, although in June the market may keep dropping before a potential rally.
In an interview with Bloomberg, first spotted by Daily Hodl, Sun revealed he believes we’re going through a “price adjustment” this month, before the market can keep on rallying in both July and August. Per his words, the “bull market is still there and we will continue to see developments of cryptocurrency.”
The founder of TRON argued that the recent downturn in the cryptocurrency markets was a necessary correction after the rally, seemingly agreeing with Cardano (ADA) creator Charles Hoskinson, who last month told its community they should not expect 900% gains without pullbacks on the way.
Sun was then asked about Tesla’s involvement in the cryptocurrency space. The electric car maker started accepting BTC payments in February when it invested $1.5 billion in the flagship cryptocurrency, but months later stopped accepting bitcoin as a payment method over environmental concerns.
To Sun, Musk’s concerns are legitimate, but the problem will be solved over time with the use of green energy to mine cryptocurrencies. Moreover, some cryptocurrencies use a Proof-of-Stake (PoS) consensus algorithm, which does not rely on heavy computational work like Proof-of-Work (PoW) networks do.
Addressing China’s crackdown on cryptocurrencies, he said the country would not succeed over the decentralized nature of the space. Economic opportunities created in the space, he said, will mean cryptocurrencies will keep growing in China.
Crypto is going to grow in China like in most countries, because right now, crypto in China also has a high interest tied to the local government, tied to lots of the people’s jobs in China. So I don’t think China can crackdown on crypto overnight.
The interviewers then asked Sun about the meme-inspired cryptocurrency Dogecoin (DOGE), which surged over 6,000% over the last few months as retail traders tried to get it to trade at $1 per coin. Sun likened its rally to that of GameStop (GME), which was also fueled by retail traders.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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