RATE Group | Dong’s Big $50,000 Bitcoin Price Prediction Drives Crypto Higher…Ethereum, Litecoin an…
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Dong’s Big $50,000 Bitcoin Price Prediction Drives Crypto Higher…Ethereum, Litecoin an…

02 Dec Dong’s Big $50,000 Bitcoin Price Prediction Drives Crypto Higher…Ethereum, Litecoin an…

Posted at 05:40h in Ethereum News by

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Chinese crypto billionaire Zhao Dong offered up an optimistic Bitcoin price prediction this week, and it’s no coincidence that a stampede of buying followed.

That’s because Dong has the chops to talk about price in a way that few others can. He lost big money in the Mt. Gox fiasco, and in 2014, he lost nine thousand Bitcoin in a Bitcoin mining endeavor.

That would drive weaker hands to fiat or at least precious metals, but Dong bought more Bitcoin and eventually made a fortune with the flagship crypto.

“Mt. Gox was ten times worse than what we’re going through now,” Dong said. “It could have spelled the end for Bitcoin, but those of us who took the chance and held on did well.”

In recent days, Dong has taken to Chinese social media, saying that while the price of Bitcoin may not have bottomed, that doesn’t change the fact that it will reach $50,000 by 2021, a roughly 12-fold increase.

Dong said his conviction comes not only from Bitcoin’s fundamentals, but also…

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