Bitcoin's Bull Run May Now Immediately Follow Halving, Jihan Wu Says
Bitmain co-founder Jihan Wu expects the bull run on bitcoin prices to be delayed following May's Halving.Wu is bullish on bitcoin's outlook, in light of government economic bailouts in response to the Coronavirus pandemic.
Bitmain co-founder Jihan Wu says the bull run for bitcoin prices may not come immediately after the halving event in May.
Wu, who co-founded and served as CEO of mining rig manufacturing giant Bitmain before stepping down last year, told 8BTC the price run for bitcoin will likely be delayed following the halving. Wu said he was positive about the future of bitcoin, and explained that recent economic policies such as government “quantitative easing” packages could lead to crypto-assets becoming more valuable. Despite the potential, Wu cautioned that bitcoin has a price top like any other asset and would undergo periods of fluctuating growth.
As bitcoin’s market cap grows, its volatility decreases and becomes more stable. That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices [with] flatline growth with some twists in the next few years.
I think the bull this time around may not come immediately after the halving. There likely will be a delay in time.
Wu also disputed the notion that bitcoin serves as a “safe haven” asset against traditional market volatility. Instead, he argued that bitcoin has become intertwined with the broader financial market and responds to similar impacts on global economic stability.
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Mike is a financial and cryptocurrency journalist for CryptoGlobe covering the industry since 2017. Mike is an alumnus of the University of North Carolina Chapel Hill.
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