The cryptocurrency bull market will resume in July and August this year, predicted the founder and CEO of TRON – Justin Sun.
TRON’s Justin Sun agrees with Elon Musk’s concerns on the carbon footprint that bitcoin mining leaves. He believes the proof of work consensus algorithm has its flaws and urged people to strive to use more green energy.
Sun Agrees With Musk
Tesla’s CEO made the news several weeks ago when the EV-maker disallowed bitcoin payments for its products. Ever since then, Musk repeatedly outlined the high levels of energy used by the primary cryptocurrency and urged miners to use more renewable energy.
His comments started a wave of discussions within and outside of the cryptocurrency, with people weighing in from both sides. The latest do to so and actually agree with Musk’s concerns was the CEO of TRON – Justin Sun.
During an interview with Bloomberg, he referred to Musk’s views as “legit” and noted that the cryptocurrency industry needs to find a permanent green energy solution. Sun believes many miners are already utilizing renewable energy, but the efforts might still not be enough.
Furthermore, he highlighted the merits of the proof of stake consensus algorithm over those of the proof of work, which bitcoin uses. He argued that PoS reduces the carbon footprint by up to 99%, which is why more and more blockchain projects tend to go for it.
China’s Role And Resuming the Bull Market
Shortly after Musk’s comment, China – the leading country in terms of BTC’s hashrate, reiterated its negative stance on the primary cryptocurrency. Moreover, the world’s most populated nation went after bitcoin mining this time and caused substantial price disruptions in the crypto market.
Speaking on the matter, Sun said, “no single person or a factor can control the market.” He believes that the massive 50% correction was actually supposed to occur at some point as most cryptocurrency assets had surged multi-fold in USD value in the past several months.
Although China will most probably continue to implement more stringent restrictions on cryptocurrency usage, Sun noted that the industry will keep growing.
As such, he concluded that the crypto bull run has only paused now and believes it will resume in July and August this year.