TRON founder Justin Sun calls the bottom: 'Bear market is over'
Justin Sun and Changpeng Zhao answered questions of Chinese media recently, and there were some interesting insights regarding the opinions of the TRON founder about the possibility of a retracement from the bearish trend in crypto prices.
Sun was quoted by Chinese news website Houxing24 in the following way when asked about the chance of a market breakthrough. It should be noted that the text has been automatically translated to English from Chinese, with minimal modifications to correct spelling:
“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000. 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”.
When asked the same question, CZ was a bit more cautious in his reply, avoiding to mention prices directly:
"I can't make price forecasts. If I make a price forecast, the consequences can be imagined (that is, 49% of the cases are wrong, because I am always optimistic). Our goals are generally set even further, 5 years, 10 years, 100 years. In the long run, the development of
blockchain technology will certainly be faster and faster. Digital currency will not disappear, but will spread to everyone. Therefore, I am always optimistic".
Another interesting part of the interview versed about the test-launch of the JPM Coin, in what has been wrongly dubbed as the first bank-
crypto. Both Sun and CZ were rather positive about the implementation. “JPM Coin has made a positive contribution to the entire blockchain industry, hoping it will drive Wall Street to popularize the entire blockchain application”, said the CEO of Binance.
The Tron founder went as far as dubbing it a landmark for financial institutions:
"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. Different from the previous financial institutions to invest in the industry, this time is a real launch, which is of great significance for the large-scale application of blockchain".