Du Jun of Huobi Fame: Bitcoin Will Remain in a Funk Until 2024. Bitcoin hasn't been doing too well as of late.
01 Mar 2022, 08:00
Du Jun of Huobi Fame: Bitcoin Will Remain in a Funk Until 2024
Bitcoin hasn’t been doing too well as of late. The invasion of Ukraine by Russia and several other factors have caused the world’s number one digital currency by market cap to fall heavily over the past week or two, and now – according to Du Jun, the chief executive of crypto exchange Huobi – bitcoin isn’t likely to experience another bull run until the end of 2024.
Du Jun of Huobi Thinks Bitcoin Will Stay Low for Nearly 3 YearsDu Jun recently made headlines when he announced that his company was going to be reentering the crypto market in the coming future. The goal was to not simply serve as an exchange anymore, given that crypto has come a long way in the past few years. Thus, Huobi is planning to focus more on asset custody and several other services that have become prominent in the digital asset space.
Considering the facts, it’s hard to take everything Jun says seriously. The end of 2024 is when he’s saying bitcoin will rise again. That’s almost three years from now. In other words, that’s allegedly a three-year period in which trading platforms and crypto companies are likely to experience little to no profit, and yet Huobi is choosing now to reenter the space. Why would it be doing this now if it felt that the staple product of the industry is not going to show any prominence for such a long period?