Author of “Blockchain Wealth of Nations”: The peak of the bull market is yet to come
Bitcoin dropped from $65,000 at its peak to around $30,000 now, and the crypto market is tending to be lukewarm. The CEO of Blackrock said a few days ago that there have been few inquiries from customers about cryptocurrencies. Google data shows 'bitcoin price' searchBitcoin dropped from $65,000 at its peak to around $30,000 now, and the crypto market is tending to be lukewarm. The CEO of Blackrock said a few days ago that there have been few inquiries from customers about cryptocurrencies. According to Google data, the “bitcoin price” search fell to a seven-month low. However, Han Feng, author of “Blockchain Wealth of Nations”, was convinced in an exclusive interview with “Comparative” that the peak of the bull market is yet to come.
“The market hasn't turned bearish,” Han Feng said. “This is the middle stage of a bull market. After a period of sideways trading, the market will advance to the peak of the bull market.”
Han Feng has been involved in the crypto market since 2013 and has experienced three major market transitions. While gaining personal wealth freedom, he also co-founded the Web3.0 project and came to Yunelastos. The new work “Blockchain Wealth Theory” argues that the essence of wealth is a global credit consensus, and Bitcoin is a new digital gold consensus.
“This bull market in the crypto market has a real foundation,” Han Feng further analyzed. “The implementation of DEFI has brought real applications and improved the efficiency of the financial market. This is the biggest difference from the 2017 ICO bull market. At the same time, the general environment of fiat inflation in various countries has not changed, and the Federal Reserve will not raise interest rates in the short term. These factors are the driving force behind the real climax of the bull market”.
The US consumer price index reached a new high in June, up 5.4% from the same period last year, the highest 12-month increase since August 2008. Federal Reserve Chairman Powell still believes that inflation is only temporary during yesterday and today's congressional hearings. He expects price pressure to ease somewhat later this year.
Han Feng believes that this sideways phase is likely to be quite long. It may be three months, half a year, or even a year, but he will never wait until the next round of the bull market after four years to reach another high. This sideways and even sharp decline occurred in the middle of the 2013 and 2017 bull markets, but the upward trend of the bull market was not reversed.
The immediate reason for this downturn in the crypto market is a crackdown at the Chinese policy level.
In June of this year, the financial regulator once again issued a tough statement prohibiting banks and payment companies from handling crypto-related businesses and alerting consumers to the dangers of virtual currency. Major mining sites in Inner Mongolia, Qinghai, and Sichuan have all recently been shut down by policy one after another. China's former absolute leading computing power in Bitcoin mining has faded away, and more Bitcoin mining plants have begun to switch to the US and other countries. The US states of Texas, Kentucky, etc. are attracting Bitcoin miners through policy guidance. Kentucky is offering tax breaks to Bitcoin mining businesses that invest $1 million to deploy new machines in the state.
Meanwhile, Bitcoin holders have slowly been dominated by the US. In this bull market, US companies and institutions have hoarded large amounts of Bitcoin. Chinese Bitcoin holders are running out of chips.
However, Han Feng believes that Bitcoin has survived tenaciously after several attacks at the government level before, and once the wealth consensus trend is formed, it will be difficult to break it. Bitcoin remains an undisputed gold-like savings asset in the long run.
Author: Susan Feng
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