Justin Sun, founder and CEO of the Tron Foundation as well as creator of the BitTorrent Token (BTT), recently shared some insights about the current cryptocurrency market alongside Binance CEO Changpeng “CZ” Zhao in an interview with the Chinese news portal Huoxing24.
Justin Sun Thinks Crypto Bear Market Is Over
When asked about the future of Bitcoin (BTC) and where the industry is headed in 2019, Sun replied that he thinks we’ve already hit the bottom. Referring to Bitcoin’s collapse to $3,150 on December 14, 2018, Sun suggests that the year-long bear market is now over.
However, while Sun believes the bottom has already been passed, he does not think we’ll see a market breakthrough and experience new highs in 2019. In fact, Sun believes the price of Bitcoin will remain fairly stagnant through most of the year, stating that he forsees it fluctuating between $3,000 and $5,000.
Following these statements, Sun did predict market breakthroughs this year, just not with Bitcoin’s price.
Sharing his thoughts on this, Sun said:
“The opportunities for market breakthroughs this year include the explosion of the dapp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.”
For CZ’s part, he stated that he is unable to predict the future price of Bitcoin, or whether we’ve already hit bottom. However, he believes the future will have faster development of blockchain technology, and that Bitcoin will become more widely adopted.
CZ and Sun Share Thoughts on JPM Coin
As previously reported by IIB, America’s largest bank, JP Morgan Chase, is launching their own cryptocurrency dubbed JPM Coin, which will be used for the real-time settlements of payments within the bank’s operations.
When asked about JPM Coin and the impact it will have on the crypto industry, both Sun and CZ believed it will be very positive for the entire blockchain industry.
CZ commented first, stating:
“JPM Coin has made a positive contribution to the entire blockchain industry, hoping it will drive Wall Street to popularize the entire blockchain application.”
Adding to this, Sun attributed the launch of JPM Coin to be of great significance for mainstream financial institutions to enter the crypto industry, proclaiming JPM Coin is of great significance for the large-scale applications of blockchain.
“JP Morgan Chase is a landmark event for mainstream financial institutions to enter the blockchain. I personally think that the top financial institutions such as Goldman Sachs, Citigroup, and Morgan Stanley will start to enter the blockchain industry.”
Do you agree with Justin Sun that we have already reached a Bitcoin bottom and the bear market is over? Do you think the launch of JPM Coin will be of great significance to the blockchain industry? Let us know in the comment section below.