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Zhu Fa, co-founder of Poolin, a China-based mining encryption pool, predicted that the price of Bitcoin (BTC) could reach 5 million yuan (US $ 738,000), the 8BTC cryptographic log said Feb. 11.
While Zhu noted that "it's more like a bear market now," he predicted that the next price increase will be 10 to 20 times higher than the previous one. Mr. Zhu also noted that mbadive price increases, such as the one that caused BTC to increase $ 20,000 in 2017, will not always exist, adding that the next increase could be the last.
Expert forecasts on various aspects of cryptographic space range from bullish to extremely bearish. At a blockchain event in April 2018, investment mogul Tim Draper had predicted that by 2022, the price of bitcoin could reach $ 250,000.
Earlier this week, Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said the value of most digital tokens "would go to zero," he added. [initial coin offering] ICO was only an attempt at fundraising, but the underlying token was useless. "
Poolin, Zhu's mining pool, holds 10.45 percent of the global network, according to BTC.com. The current bear market has hit cryptocurrency miners hard. Some mining companies in China started selling equipment per kilogram.
Earlier in the day, Argo Blockchain, a UK-based cryptocurrency specialist, announced the refocusing of its business to reduce costs. Argo ends its mining operations as a service (MaaS) by April, which could reduce costs by 35%.
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