Chinese Cryptominer predicts that Bitcoin could reach USD 740,000

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Zhu Fa, co-founder of Poolin, a Chinese-based criptoming company, predicted that the price of Bitcoin (BTC) could reach 5 million Chinese yuan (USD 738,000), as reported by the crypto 8BTC news agency on February 11. .

Although Zhu said that "now it feels more like a bear market," he reportedly predicted that in the next bull run, prices will be 10 to 20 times higher than in previous ones. Zhu also pointed out that there will not always be massive price peaks like the one that resulted in the maximum of USD 20,000 per BTC in 2017, adding that the next rise could be the last.

Do not stop reading: The Chinese Bitcoin billionaire Zhao Dong believes that the crypto spring will arrive in 2020

The predictions of experts in various aspects of cryptospace have varied from bullish to extremely bearish. During a blockchain event in April 2018, investment tycoon Tim Draper predicted that by 2022 the price of Bitcoin could reach USD 250,000.

Earlier this week, Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, stated that the value of most digital tokens will "hit zero." He added that "almost all [ofertas iniciales de monedas] ICO were just an attempt to raise money, but there was no use for the underlying token. "

You may be interested: CoinList CEO: A quiet year for crypto in 2019 will lead to innovation

Zhu's pool, Poolin, has 10.45 percent of the share in the global network, according to BTC.com. The current bear market has hit the crypto currency miners hard. Some mining companies in China have started selling hardware per kilogram.

Previously, the British crypto-mining company, Argo Blockchain, announced today that it was redirecting its activities in order to reduce costs. Argo is ending its Mining as a Service (MaaS) operations in April, which could supposedly reduce costs by up to 35 percent.

Continue reading: Analysts: Bitcoin's technical data show signs of a possible short-term rise

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