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Bitcoin will do fine without China, Bobby Lee of BTC China says
As Chinese regulators are tightening regulations, crypto bull and former owner of one of China’s first crypto exchange BTC China, Bobby Lee, recently shared his thoughts on the current Bitcoin ban in China which he believes will not back down. He even went as far to state that the country might ban it completely, destroying any avenues for residents of the nation interact with cryptocurrency in any form. Lee also looked ahead into what he believes remains a very bright future for the top cryptocurrency.
As Chinese regulators strengthen their ban on cryptocurrency across the country, Crypto bull and former owner of one of China’s first crypto exchange BTC China, Bobby Lee believes that China will continue to intensify its regulation of cryptocurrency, and in a few years may ban it completely, destroying any avenues for residents of the nation interact with cryptocurrency in any form.
Lee outlined his thoughts on a probable Bitcoin ban in a recent interview with Bloomberg and said:
“The next thing they could do, the final straw, would be something like banning cryptocurrency altogether. I put it at the odds of 50-50.”
China’s tough stance on cryptocurrency and its implications have been much debated by crypto skeptics and bulls alike. It undoubtedly affected the markets, however Lee believes this only to be a short-term complication for Bitcoin and something that we might have already passed today. Despite China’s recent crackdown, Lee is optimistic and confirms the success of Bitcoin is that it is not susceptible to the actions of one country:
“Unfortunately trading crypto will be a thing of the past, once you get past this year. And in a way it’s a good thing for crypto because in my heart, I always knew that Bitcoin’s success never depended on China. Just like it doesn’t depend on any one country, any one group of people.”
China’s most recent ban of crypto mining and trading led to an exodus of major Bitcoin mining companies relocating abroad. And while it is currently allowed to own crypto or buy and sell it to other people, it is expected that China officials will also turn the screws here.
Lee, who actually predicted a possible ban already four years ago, concluded the conversation stating that it is all but over for Bitcoin. He said:
“I’m confident that the latter half of this year Bitcoin will go back above $65,000. I think it’ll peak out over $250,000 later this year”
On Friday, Senior Commodity Strategist at Bloomberg, Mike McGlone already called out that China’s stance towards crypto might be backfiring.
Hey #China? Good Luck With That One – #Bitcoin, #Dollar Dominance:
China’s rejection of open-source software crypto-assets may mark a plateau in the country’s economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7
— Mike McGlone (@mikemcglone11) July 23, 2021
Perhaps considering Bitcoin already a lost battle, China is now all-in on their digital yuan, crossing swords with U.S. officials.
The post Bitcoin will do fine without China, Bobby Lee of BTC China says appeared first on iGaming.
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Author: Peter Siu