While touching 40$ dollars today, my prediction from 7 days ago has started to come true (in a previous blog post, when Neo was valued at 7$, I wrote that in the coming few weeks, the price of 7$ will prove to be a bargain in the short term). After touching a high of 40$ on Bittrex today, I feel that China's version of Ethereum will continue to soar. Obviously the road will be bumpy and I expect a few dips, but long term, anyone holding above 50 Neo will not regret it.
Why I am so confident is because I have observed how no Western company has ever managed to penetrate the Chinese market properly. They have all tried but have never been successful. Amazon, Facebook, Uber, Walmart and EVEN GOOGLE to name a few. Why? Its because China promotes their local alternatives. We also have to remember that there are over 2 Billion people in China and thus it is a HUGE market.
One of their local companies is AliBaba (the biggest e-commerce website in China and their alternative to Amazon). AliBaba has recently announced their partnership with Neo and the rebranding announcement 5 days ago has caused this DRASTIC hike in the value of Neo.
Neo is China's answer to Ethereum, and there is a great amount of crypto trading that goes on in China, I believe they will all move in on this just because its local and the price will continue to soar beyond 100$ in the coming months. If the government decides to support this, who knows what heights it could reach.
Trading volumes have increased tremendously and Neo has become the 7 largest crypto currency in the world with a Market Cap of nearly 2 Billion Dollars.
Also, GAS can be produced/mined simply by holding Neo in its dedicated wallet over a period of time. The price of GAS on Chinese exchanges is $20 right now and its kind of like a dividend for holding NEO (which is awesome). Once GAS is introduced on Western exchanges, the price could increase even further.
I would advise everyone to hold at least 50 Neo for the long term.
PS Check out their new and improved website. It is awesome.