As we know, Bitcoin hasn’t been doing too hot. It steadily decreased for more than a year, losing nearly 80% in value over the last 14 months, meanwhile, traders are keeping a close eye on the market for any signs of rock bottom. The bitcoin price bear market witnessed some $400 billion lost from the value of the world’s cryptocurrencies as investors begin to worry about the long-awaited institutional investment.
However, Zhao Dong, a Chinese billionaire who’s one of the world’s largest over-the-counter traders of bitcoin, believes now is the time to grab bitcoin, stating “the only thing you need is patience.”
“For most people, if they don’t pay attention to bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of bitcoins will break them will be noticed again,” Zhao reportedly said. “If you and I believe in the future of bitcoin, so it is best to hold as much as possible when nobody cares.”
The bitcoin price continued to average around the $3,600 for most of 2019 after dropping significantly in November 2018 amid a civil war in the bitcoin cash community, a variant of bitcoin, as Forbes reports.
“In the bull market, I don’t persuade people to buy bitcoin, because it seems easy to make quick money but in fact, it is not. Now [in the bear market], I start to talk people into buying bitcoin,” Zhao added.
Though he did warn that the “cryptocurrency winter,” labeled for its debilitating effect on the nascent industry, would likely continue on throughout 2019, while the bulls won’t return to the market until 2021.
The bitcoin price has been falling steadily since it hit an all-time high of almost $20,000 in December 2017. This forced many bitcoin, cryptocurrency and blockchain startups to reduce jobs or even shut down entirely, leaving investors quite conflicted on how the market will move next. As 2018 continued to drag on, many investors and traders began to bail from their bitcoin and cryptocurrency positions.
However, Twitter chief executive Jack Dorsey is far from worried regarding bitcoin’s steady price decline, in which he stated that it would eventually become the internet’s first “native currency.”
“I believe the internet will have a native currency and I don’t know if it’s bitcoin. I think it will be [bitcoin] given all the tests it has been through and the principles behind it, how it was created,” Dorsey told podcaster Joe Rogan, though he didn’t give details on what this could do to the bitcoin price.