Jiang Zhuoer Bets on Ethereum, Predicts ETH Will Outperform BTC
Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP, has shifted from a bearish stance to a bullish outlook on Ethereum, predicting it will outperform Bitcoin this cycle. He plans to invest his remaining capital into Ethereum after previously selling ETH holdings between 1738 and 1931 dollars and opening short positions. As Ethereum surged past 2000 dollars, those shorts incurred losses. Jiang closed his short positions and repurchased ETH near 2100 dollars, later selling about half of his holdings near 2525 dollars. He now believes there is a 90% chance the crypto bear market has ended. Jiang's investment strategy hinges on Bitcoin retracing to the 67000-72000 dollar range, at which point he would allocate all remaining funds to Ethereum. If that does not occur, he plans to buy ETH at market prices by the end of October. He cites the relative strength of the ETH/BTC pair as indicative of genuine demand and points to increasing US government support for blockchain and the tokenization of assets as factors favoring Ethereum. As of August 23, Bitcoin is trading around 77050 dollars, up approximately 22% for the week, while Ethereum has risen about 30%, from around 1880 to 2420 dollars.
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