The cryptocurrency landscape has evolved dramatically since Bitcoin’s inception in 2008. What began as a niche experiment in decentralized digital cash has transformed into a global financial movement, marked by DeFi explosions, NFT mania, and institutional adoption. Amid this whirlwind of innovation, Bitcoin Cash (BCH) — once dubbed the “crown prince” of cryptocurrencies — has taken a quieter path. To understand its trajectory and the broader market outlook, we turn to Jiang Zhuole, CEO of BTC.TOP mining pool, for insights on the current bull cycle, NFTs, cross-chain trends, and the long-term potential of BCH.
The Foundation: Bitcoin vs. Bitcoin Cash
Bitcoin’s original vision was that of a peer-to-peer electronic cash system — fast, cheap, and accessible. However, as adoption grew post-2016, network congestion and soaring fees undermined this promise. In response, Bitcoin Cash emerged on August 1, 2017, through a hard fork, restoring the original ethos with larger block sizes enabling faster and cheaper transactions.
While other sectors like DeFi and NFTs have captured headlines, BCH has focused on steady development. Unlike speculative hype cycles, its progress is rooted in infrastructure upgrades and scalability solutions — most notably through projects like SmartBCH, which brings Ethereum Virtual Machine (EVM) compatibility to BCH, enabling smart contracts with throughput potentially 100–200x higher than Ethereum.
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DeFi and Liquidity Mining: High Risk, Diminishing Returns
Liquidity mining became one of 2020’s hottest trends, with users earning high yields by providing capital to decentralized exchanges (DEXs). But Jiang Zhuole remains cautious.
He explains that DEXs rely on Automated Market Makers (AMMs) due to high on-chain costs — especially on congested networks like Ethereum. Instead of order books, AMMs require liquidity providers to deposit paired assets (e.g., BTC/USDT), enabling instant trades at the cost of impermanent loss and smart contract risks.
“Liquidity mining has value in early-stage ecosystems,” Jiang notes, “but returns decline rapidly as more capital enters. We’ve seen ‘mines’ collapse within weeks.”
Compared to mining profits from ASIC hardware — where ROI can exceed 1000% annually during bull runs — liquidity mining offers lower returns with higher risk. Physical miners face no counterparty risk; their machines produce real output regardless of market swings.
Jiang emphasizes: "A miner never loses principal — a physical machine doesn’t vanish." This reliability makes traditional mining a more sustainable wealth-building strategy than chasing volatile yield farms.
NFTs: Innovation or Bubble?
Non-Fungible Tokens (NFTs) exploded in popularity in 2021, rivaling DeFi’s 2020 peak. From digital art to virtual fashion, NFTs enable verifiable ownership and new forms of interactive media.
One compelling use case Jiang highlights is dynamic NFTs — such as a composite portrait made from images of ten celebrities, where fan voting adjusts each person’s visual prominence over time. This interactivity transforms static art into evolving community-driven creations.
However, he warns against buying NFTs directly:
“I don’t believe an original artwork has inherent value over a copy. Most NFTs today are speculative bubbles.”
Instead, Jiang advocates investing in the underlying infrastructure — particularly Ethereum. With EIP-1559’s implementation, every NFT transaction burns ETH, creating deflationary pressure and long-term value accrual for holders.
This strategic shift — from chasing applications to backing foundational layers — reflects a mature investment mindset focused on sustainable growth rather than short-term hype.
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Platform Coins: Convenience vs. Centralization Risk
Platform tokens like Binance Coin (BNB) have delivered staggering returns — BNB surged over 400% in three months at one point. While acknowledging their utility (akin to brokerage stocks benefiting from market volume), Jiang refuses to hold any platform coins.
His reasoning? Centralization risk.
“These platforms are prime targets for regulation or shutdown. Even if they grow large, compliance either dilutes token value or invites government crackdown.”
If a platform goes fully compliant, profits may shift to shareholders instead of token holders. If it stays non-compliant, regulatory action becomes inevitable. Either path undermines long-term token viability.
Thus, Jiang sees platform coins as high-risk assets — profitable in the short term but structurally fragile.
Cross-Chain Hype: Solving a Nonexistent Problem?
Projects like Polkadot and Cosmos promote cross-chain interoperability as essential. But Jiang challenges this narrative.
“Cross-chain is largely a fake need driven by speculation.”
He draws an analogy to urban economics: cities naturally concentrate populations and GDP due to network effects. Tokyo alone accounts for nearly 30% of Japan’s population and over 50% of its GDP.
Similarly, blockchain ecosystems follow winner-takes-most dynamics. Users gravitate toward chains with deepest liquidity and most applications — currently Ethereum. Only if Ethereum fails to scale will meaningful user migration occur.
Even then, cross-chain bridges consume more resources than native transactions — like routing traffic through a small airport to bypass a crowded city. The bottleneck remains.
“If Ethereum scales successfully via Layer 2 and sharding,” Jiang predicts, “we’ll see one chain dominates, not thousands.”
BCH Portfolio Strategy: Patience Over Panic
Jiang reveals his current holdings: approximately 35% BCH, 40–50% ETH, ~15% BTC, plus stablecoins and altcoins.
Despite BCH’s price volatility relative to BTC, he maintains a consistent allocation strategy:
- Avoids frequent rebalancing (“chasing pumps” often leads to missed gains)
- Uses mixed portfolios for psychological resilience
- Holds through cycles, selling only at market tops
“In a full bull run, every quality asset eventually rises — even Dogecoin. The mistake isn’t holding one asset; it’s switching too often.”
He cites behavioral psychology: investors who constantly switch miss compounding effects. Those who patiently hold diversified baskets are more likely to endure downturns without panic-selling.
Why BCH Still Matters
BCH’s core strength lies in its evolutionary flexibility.
While Bitcoin’s development stagnates due to ideological rigidity, BCH embraces innovation — exemplified by SmartBCH, which integrates EVM capabilities while leveraging larger blocks for superior performance.
“Bitcoin is finished evolving. Ethereum struggles with technical debt. BCH can redesign optimally.”
Biologically speaking, evolving species outcompete static ones. In tech, giants fall fast when disrupted — think Nokia or Kodak.
Though BTC, ETH, and BCH will coexist in this cycle, Jiang believes long-term dominance belongs to adaptable protocols.
Mining: The Ultimate Passive Income Model
For retail investors, Jiang strongly recommends mining over trading.
Key advantages:
- Daily income: Unlike volatile price swings, miners earn steady block rewards.
- Behavioral alignment: Regular payouts satisfy human preference for immediate gratification.
- Wealth compounding: Profits can be reinvested to scale operations during bull markets.
- Asset appreciation: High-demand miners like the S19 appreciate significantly — from $1,500 to $7,000 in months.
“Mining is like owning a goose that lays golden eggs — and the eggs grow bigger over time.”
Compared to trading — where 90% lose money — mining aligns with human psychology. Traders sell too early; miners hold because they’re earning daily.
Even after payback periods (~350 days for S19), miners continue earning “free” coins for years. Older models like S9 still operate profitably despite newer alternatives — proof of mining’s longevity.
For those lacking technical expertise or capital to manage large farms, Jiang promotes joint mining programs:
- Investors contribute funds
- Operators handle procurement, maintenance, and sales
- Returns are shared after cost recovery
Unlike cloud mining (where operators retain hardware ownership), joint mining grants real asset rights — ensuring participation in long-term upside.
Coinbase Listing: A Regulatory Milestone
Coinbase’s Nasdaq debut marked a watershed moment: crypto went mainstream legally.
As the first major U.S.-regulated exchange to go public, Coinbase legitimized digital asset trading under federal oversight. This creates irreversible momentum:
- Institutional capital now flows freely
- Regulatory rollback becomes politically costly
- Public perception shifts from “scam” to “asset class”
While governments haven’t fully endorsed crypto trading legality, U.S. market acceptance sets a global precedent.
Jiang interprets this as confirmation: the era of crypto prohibition is over.
How Long Will the Bull Run Last?
Jiang uses the 60-day cumulative gain metric to predict cycle peaks. Historically, crashes follow extreme short-term rallies when new money can no longer sustain prices.
Current indicators suggest:
- Peak gains will exceed 100%, fall short of 140%
- A flat top (prolonged consolidation) signals continuation
- A sharp spike followed by collapse indicates topping
Given Bitcoin’s recent sideways movement around key levels (e.g., $50K), Jiang concludes:
“We’re not at the top yet — the final parabolic move hasn’t started.”
Additional signals include:
- Retail FOMO intensity
- Leverage levels across derivatives markets
- On-chain transaction volume vs. speculation ratio
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Frequently Asked Questions (FAQ)
Q: Can ordinary users join joint mining with fiat currency? Is there a minimum investment?
A: Yes. Participants can invest via bank transfer with full contracts and invoices. Minimum entry is one ASIC miner — typically $3,000–$7,000 depending on model.
Q: Will Ethereum miners switch to BCH after Ethereum’s move to Proof-of-Stake?
A: Unlikely. GPU miners used for ETH cannot mine BCH (an ASIC-only chain). Most may exit or pivot to other GPU-mineable coins.
Q: What’s the difference between joint mining and cloud mining?
A: Joint mining grants actual hardware ownership; cloud mining sells time-limited hashing power without asset rights. During bear markets, cloud providers often terminate unprofitable contracts — depriving users of future upside.
Q: Does Jiang still believe Ethereum will surpass Bitcoin in market cap?
A: While absolute dominance isn’t certain, ETH/BTC exchange rate trends upward steadily — from 0.024 to over 0.05 recently. Continued growth is highly probable.
Q: How does BTC.TOP hedge against market risk?
A: Through options-based hedging — buying downside protection without forced liquidations. This avoids catastrophic losses from mistimed shorts.
Q: When is the best time to buy mining equipment?
A: “The best time was one year ago. The second-best time is now.” Early adoption maximizes returns — especially amid global chip shortages limiting supply.
Final Thoughts: Build for the Long Term
In an ecosystem driven by hype cycles and rapid innovation, Jiang Zhuole stands out for his focus on fundamentals: tangible assets, sustainable yields, and evolutionary resilience.
Whether it’s holding through volatility, choosing secure mining models, or backing scalable protocols like BCH and Ethereum, his philosophy centers on patience, diversification, and structural advantage.
As the current bull market matures, investors would do well to remember:
True wealth isn’t made chasing trends — it’s built by owning productive assets and letting compounding work.
In crypto’s marathon — not sprint — miners who think in cycles finish richest.