A little over a year ago we saw the height of the biggest crypto bull run in history. Nowadays, prices have fallen by roughly 90% and the outlook on crypto is mostly negative.
One Chinese crypto mining pool founder however, says that the next crypto bull run will be even stronger. This points to a Bitcoin price above the all-time high, which is something a lot of experts have trouble seeing right now.
Zhu Fa is a co-founder of the crypto mining pool Poolin. His claim that Bitcoin would surge to about 5 million Chinese yuan is taken by most experts as a joke. After all, every crypto enthusiast would love to have a Bitcoin worth $740 000. The chances of such a development remain slim to say the least, but Fa seems to remain positive.
After all, this turbulence is now lasting well over a year. Crypto bulls like Fa remain positive but in the current market situation, predictions like Fa’s don’t score you a lot of respect. He openly stated:
“In the next crypto bull run, the price of Bitcoin will be between $74K to $740K.”
Such a dramatic rise would result in a market cap of roughly $12 trillion. Currently, Bitcoin’s price record is $20 089 and at the time, the market cap was a little over $326 billion.
Zhu Fa also did not comment on a specific time window. Even if his prediction for the next crypto bull run turns out to be true, it doesn’t seem like it will be in the near future.
There is more than one crypto bull hyped for the next crypto bull run
The Winklevoss twins have also made astronomical price predictions. They have quite frequently compared Bitcoin to gold and predicted that the currency could potentially appreciate against the USD by nearly 4000%. This will lead to a market value of roughly $4 trillion.
Tyler and Cameron Winklevoss have also stated multiple times that Bitcoin will eventually disrupt gold. Despite the currently harsh market conditions, the brothers have remained very optimistic about Bitcoin’s future. After all, the brothers invested massively into Bitcoin when the price was around $120.
Tim Draper, American tech billionaire and venture capitalist made an even bolder prediction last year. He stated that Bitcoin will reach $250K by 2022 and the overall market cap by 2033 will be more than $80 trillion.
Whether or not these predictions are made because the investors want immense profit from the next crypto bull run or they simply believe in the technology is irrelevant.
The key factor to consider here is if an eventual price increase of this magnitude actually occurs, will the newly rich crypto bulls use their gains to help the industry and the ordinary people or will we simply replace one group of wealthy, always-hungry businessmen for another?
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