Chinese Cryptocurrency Miner Predicts That Bitcoin Could Reach $740K

Zhu Fa, the co-founder of Poolin, based on Chinese mining encryption, predicted that Bitcoin (BTC) could reach 5 million yuan (the US $ 738,000), the February 11 cryptographic journal announced.

While Zhu noted that "now more like a bear market," he predicted that the next rise in prices would be 10 to 20 times higher than the previous one, Zhu also noted that a massive increase in prices, such as an increase in BTC for $ 20,000 in 2017, will not always exist, adding that the next increase could be the last.


Professional forecasts on different aspects of cryptocurrency, space range from bullish to very bearish. At a blockchain event in April 2018, investment mogul Tim Draper predicted that by 2022 the price of bitcoins could reach $ 250,000.

Earlier this week, Barry Silbert, chief executive officer and founder of Digital Currency Group and Grayscale Investments, said most digital signatures would "reach zero," he added. "Almost all the initial coin offerings were just an attempt to collect money, but the underlying chip was useless."



Poolin, Zhu's Mining Fund, holds 10.45 percent of the global grid, according to BTC.com. The current bear market was hit hard by the crypto-currency miners. Some mining companies in China began selling equipment per kilogram.

Earlier during the day, Argo Blockchain, a British cryptocurrency expert, announced a redirect of his business to reduce costs. Argo finishes its mining operations as a service (MaaS) by April, which could reduce costs by 35%.

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