- Tron’s Justin Sun predicts crypto bull run in July and August.
- According to him, the crypto industry needs to find a green solution to the energy problem.
The last couple of days have seen the interplay of buyers and sellers moving the prices of various cryptos to and fro on their respective price curves. Many suggestions out there urge people to buy the dip. However, the carbon footprint and the potential crackdown reports are forcing investors to have a different thought. Justin Sun, the founder of Tron Foundation in a recent interview predicted a possible bull run in July despite the ongoing concerns.
According to him, all these volatilities compel people to buy more.
I believe June will be a price adjustment. We will see a bull market again in July and August.
Sun disclosed that the bull market is still around, and the recent correction in the market is nothing to worry about.
Sun believes crypto will continue to explode
We will continue to see the development of cryptocurrencies.
Sun explained that Tron and Tether have, for instance, experienced an explosive year. He said Tron has grown from $100 million to $30 billion as of today. Sun expects Tron to grow to around $100 billion by the end of the year. Tron has also surpassed PayPal in terms of global settlement. According to Sun, the daily settlement is currently around $10 billion compared to PayPal’s $2 billion.
— Bloomberg Crypto (@crypto) May 31, 2021
Sun agrees with Elon Musk on environmental concerns about crypto
The environmental concerns raised by Tesla CEO Elon Musk are said to have undermined confidence in crypto. Though some members of the crypto community see this as a ploy to reduce the dominance of Bitcoin, Sun thinks all these concerns are legit.
According to him, the crypto industry needs to find a green solution to the problem.
Some miners have established an alliance to deal with the problem by using green energy rather than coal.
The Tron founder also believes that people have found special interest in Proof-of-Stake (PoS) consensus mechanisms rather than Proof-of-Work (PoW) used by Bitcoin. The PoS reduces energy consumption by 99 percent while maintaining efficiency.
“No individual can control the market”
With the recent warning from China about crypto mining believed to have caused a market pullback, Sun mentioned that no individual or factor can control the market.
I believe the crypto market is in price adjustment because it’s been up for the whole year.
He believes that crypto will still thrive in China despite the strict regulations. His reason is the high interest of cryptos in the country. Many people in China find themselves doing crypto-related jobs, and this will make it difficult for the government to lead a crackdown overnight.
Commenting on Dogecoin, Sun explained that he believes in Dogecoin. His interest in the asset lies in the sentiment of the Dogecoin community who do not want to go by the analysis from professionals at Wall Street investment banks. He said Dogecoin is the people’s crypto and investors go by their decisions.
I believe professionals and founders like me need to learn from these kinds of sentiments to know how to serve the community better in the future.