In a recent interview with Huoxing24 – a Chinese news platform – Justin Sun shared some insights about the present digital currency market in an interview alongside Changpeng Zhao – the CEO of Binance.
In his opinion, Sun thinks the digital currency bear market has come to an end. Sun was asked about the future of BTC and the entire crypto space in 2019. In response to that, Sun said he believes the market is already at the bottom. He said the year-long bear market has now hit bottom, citing the decline of BTC to $3,151 in December last year.
Sun is strongly convinced that the bear market is over. However, he is not so sure if the market will experience a major breakthrough and see new highs this year. He believes that the value of Bitcoin (BTC) will be trading in a tight range for the better part of this year. He also predicted that the digital currency would likely be trading within the $3k and $5k range.
Apart from the value of Bitcoin (BTC), Sun said there would be a lot of breakthroughs this year. He said a lot of innovations would take place, but the values of digital currencies would not be impacted significantly. In a statement, the CEO said:
“The opportunities for market breakthroughs this year include the explosion of the decentralized app system, the large-scale use of the lightning network, as well as the three major opportunities for the 100 million users of BitTorrent to enter the digital currency market.”
What the future holds for cryptocurrency
The CEO of Binance was also asked to give his opinion about the future of the crypto space. In response to that, he said that he can’t predict the future value of Bitcoin (BTC). He also said that he can’t state whether the market is at its bottom or not. Nevertheless, he believes that would be faster development of blockchain technologies in the future. He also believes that Bitcoin (BTC) will become generally and widely adopted.
The two proponents also shared their thoughts on the digital currency launch by JP Morgan. JP Morgan is the largest bank in America. The bank recently launched its own digital currency – JPM Coin. The digital currency would be used to process payments within the operations of the bank.
They were both asked about their thoughts on the potential impact of JMP Coin on the digital currency industry. In response, they both said it would have a positive impact on the entire blockchain industry. The CEO of Binance added that:
“JPM Coin has made a positive impact on the entire blockchain industry, hoping it would drive Wall Street to popularize the entire blockchain application.”
TRON (TRX) Price Today – TRX / USD
At the time of writing, Tron (TRX) is changing hands at $0.0239 after a decrease of less than one percent over the past twenty-four hours. The digital currency currently has a market cap of $1.56 billion and its trading volume over the past twenty-four hours is $145.66 million.
Who is Justin Sun?
Justin Sun is one of the most outspoken bulls in the digital currency space. Sun is the CEO and founder of the Tron (TRX) Foundation. He is also the creator of the recently launched BitTorrent Token (BTT). Justin Sun acquired BitTorrent sometime last year.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.