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Bitcoin has been has been slipping regularly for more than a year, losing about 80% in value over the last 14 months, and traders are eagerly looking for no indication that the market has touched its bottom.

The bear market of Bitcoin, labeled "crypto winter" for its debilitating effect on the fledgling industry, has seen some 400 billion dollars erased from the value of crypto-currencies of the world while investors are cold feet, fearing that institutional investment and consumer adoption will not materialize.

Now, Zhao Dong, a Chinese billionaire who is one of the world's largest over-the-counter bitcoin dealers, said it was time to stockpile bitcoins because "the only thing you need is patience ".

The price of bitcoin has steadily declined throughout 2018, after a dazzling success the year before.Getty

"For most people, they do not pay attention to bitcoins now, they will not do it most of the time, so for them, only the number of tens of thousands of bitcoins that will break them will be noticed again. ", Zhao would have said. "If you and I believe in Bitcoin's future, then it's best to keep as many things as possible when no one cares."

The price of bitcoin hovers around $ 3,600 for most of 2019, after a sharp drop last November, in the context of a civil war in the world of bitcoin, a variant of bitcoin.

Zhao, who had previously predicted that the price of bitcoin would reach $ 50,000 per coin by 2021, was speaking in a WeChat group hugely called "Public Public Crossing Crossing Channel of the Bulls And Bears Elite Team" was reported by local media.

China has become an important country for bitcoin and cryptocurrency in recent years, fearing that China's domination of bitcoin will give it too much control over the burgeoning digital chip. According to reports, Bitmain Technologies, based in Beijing, now extracts more than half of the world's bitcoins.

Earlier this year Billionaire from Hong Kong Li Ka-shing doubled his bet on Bitcoin.

"In the bull market, I do not convince people to buy bitcoins because it seems easy to make money quickly, but in reality it is not. [in the bear market]I'm starting to convince people to buy bitcoin, "Zhao added.

Zhao however cautioned that the winter crypto winter would last until 2019, with bulls only returning to the market in 2021.

The price of bitcoin reached US $ 20,000 in December 2017, after starting the year at less than US $ 1,000.CoinDesk

Zhao's comments come after technical data Bitcoin suggested could be in pain after five weekly bitcoin price cuts in a row, with the cryptocurrency trading range at its narrowest level since October – which announced last year a sudden drop from more than $ 6,000 to about $ 3,500 in a few days.

The price of bitcoin has been steadily declining since it reached an all-time high of nearly $ 20,000 in December 2017, forcing many bitcoin, cryptocurrency and blockchain startups to reduce or shut down their jobs altogether. investors are desperate for signals indicating how the market will evolve.

The bitcoin and cryptocurrency fever has conquered the world in 2017, with a few major pieces including the Ripple XRP, Ethereum and Litecoin, whose percentage of price increases far exceeded those of Bitcoin. .

The epic 2017 of Bitcoin was largely disappointed by the expectations of institutional investments and the support of big banks for Bitcoin. As 2018 dragged and this investment failed many investors and traders have given up their positions in bitcoins and cryptocurrency.

The price of bitcoin jumped last week but failed to break out of its downtrend in 2019.CoinDesk

Zhao's comments echo others faithful bitcoin, including Twitter general manager Jack Dorsey, who remain indifferent to the constant decline in Bitcoin prices. Last week, Dorsey reiterated his hope that Bitcoin would become the first "Internet native" of the Internet.

"I think the internet will have a local currency and I do not know if it's bitcoins." I think it will be [bitcoin] Given all the tests and principles that led to its creation, said Dorsey to podcaster Joe Rogan, without speculating on the consequences that this could have on the price of bitcoin.

Many Bitcoin investors and traders are turning to areas such as the highly anticipated Bakkt bitcoin platform and a US Bitcoin Listed Fund (ETF) to raise the price, although tExpectations have eased somewhat recently, with the US Securities and Exchange Commission worried about possible price manipulation.

the The Bakkt bitcoin platform, developed in collaboration with Intercontinental Exchange, owner of the New York Stock Exchange, as well as partnerships with the Starbucks coffee chain and the Microsoft computer giant, plans to offer forward trading on Bitcoin from the first quarter of this year and open bitcoins and encrypted currencies until a wider retail market.

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Bitcoin has been has been slipping regularly for more than a year, losing about 80% in value over the last 14 months, and traders are eagerly looking for no indication that the market has touched its bottom.

The bear market of Bitcoin, labeled "crypto winter" for its debilitating effect on the fledgling industry, has seen some 400 billion dollars erased from the value of crypto-currencies of the world while investors are cold feet, fearing that institutional investment and consumer adoption will not materialize.

Now, Zhao Dong, a Chinese billionaire who is one of the world's largest over-the-counter bitcoin dealers, said it was time to stockpile bitcoins because "the only thing you need is patience ".

The price of bitcoin has steadily declined throughout 2018, as a result of its epic run of the previous year.

"For most people, they do not pay attention to bitcoins now, they will not do it most of the time, so for them, only the number of tens of thousands of bitcoins that will break them will be noticed again. ", Zhao would have said. "If you and I believe in Bitcoin's future, then it's best to keep as many things as possible when no one cares."

The price of bitcoin hovers around $ 3,600 for most of 2019, after a sharp drop last November, in the context of a civil war in the world of bitcoin, a variant of bitcoin.

Zhao, who had previously predicted that the price of bitcoin would reach $ 50,000 per room by 2021, was expressed in a group of WeChat's eye-catchingly called "The Public Alliance Crossing Chain with the team of". 39; elite Bulls and Bears "he was reported by local media.

China has become an important country for bitcoin and cryptocurrency in recent years, fearing that China's domination of bitcoin will give it too much control over the burgeoning digital chip. According to reports, Bitmain Technologies, based in Beijing, now extracts more than half of the world's bitcoins.

Earlier this year, Hong Kong billionaire Li Ka-shing doubled his bet on Bitcoin.

"In the bull market, I do not convince people to buy bitcoins because it seems easy to make money quickly, but in reality it is not. [in the bear market]I'm starting to convince people to buy bitcoin, "Zhao added.

Zhao however cautioned that the winter crypto winter would last until 2019, with bulls only returning to the market in 2021.

The price of bitcoin reached US $ 20,000 in December 2017, after starting the year at less than US $ 1,000.

Zhao's comments come after technical data Bitcoin suggested could be in pain after five weekly bitcoin price cuts in a row, with the cryptocurrency trading range at its narrowest level since October – which announced last year a sudden drop from more than $ 6,000 to about $ 3,500 in a few days.

The price of bitcoin has been steadily declining since it reached an all-time high of nearly $ 20,000 in December 2017, forcing many bitcoin, cryptocurrency and blockchain startups to reduce or shut down their jobs altogether. investors are desperate for signals indicating how the market will evolve.

The bitcoin and cryptocurrency fever has conquered the world in 2017, with a few major pieces including the Ripple XRP, Ethereum and Litecoin, whose percentage of price increases far exceeded those of Bitcoin. .

The lightning epic of Bitcoin in 2017 has been largely corrected by expectations in terms of institutional investments and the support of big banks for Bitcoin is expected to arrive soon. As 2018 dragged and this investment failed many investors and traders have given up their positions in bitcoins and cryptocurrency.

The price of bitcoin jumped last week but failed to break the downward trend in 2019.CoinDesk

Zhao's comments echo other bitcoin followers, including Twitter general manager Jack Dorsey, who remain indifferent to the constant decline in Bitcoin prices. Last week, Dorsey reiterated his hope that Bitcoin would become the first "Internet native" of the Internet.

"I think the internet will have a local currency and I do not know if it's bitcoins." I think it will be [bitcoin] Given all the tests and principles that led to its creation, said Dorsey to podcaster Joe Rogan, without speculating on the consequences that this could have on the price of bitcoin.

Many Bitcoin investors and traders are turning to areas such as the highly anticipated Bakkt bitcoin platform and an American Bitcoin (ETF) listed fund to raise the price, although these expectations have been somewhat eased recently, with the US Securities and Exchange Commission fearing potential price manipulation.

The Bakkt bitcoin platform, developed in collaboration with Intercontinental Exchange, owner of the New York Stock Exchange, as well as partnerships with Starbucks coffee chains and giant Microsoft, plans to offer futures trading on Bitcoin from the first quarter of this year and open bitcoins and cryptocurrencies to a broader retail market.