- Bobby Lee predicts Bitcoin’s market cap would overtake Gold’s market value in 9 years.
- Lee: no need to get too excited about China’s growing interest in Blockchain technology.
- Private corporations should be allowed to make their own stablecoin.
Cryptocurrency News Today – Bitcoin has been tipped to become the major currency in the future by many analysts. Some crypto commentators have even tipped the asset to overtake gold to become the number one store of value. The most recent of such predictions was done by Bobby Lee. Lee was the former CEO of popular Bitcoin exchange BTCC years ago.
The former BTCC chief made the declaration in an interview. Lee expects Bitcoin’s market cap to overtake the market cap of Gold (the current store of value). The Bitcoin bull expects this to happen ten years into the future. During his interview, Lee also spoke about Facebook’s Libra and the growing interest in the field coming from China.
Lee spoke on some pressing issues in the crypto space. Among the main topics, he discussed was the never-ending comparison between Gold and Bitcoin. The former BTCC chief called himself a huge fan of gold, although he still believes Bitcoin will overtake Gold in terms of market cap. The crypto veteran, estimated the quantity of physical gold to be 180,000 tons, which could put its market cap at $9 trillion at the current price rates. When you critically analyze this you will see that overthrowing Gold will be a tough ask for Bitcoin given that it’s market cap is currently $150 billion. Meaning it is miles away.
Lee has backed his claims with Bitcoin’s digital scarcity. He also cites the networks three upcoming halving events in the next nine years. The halving events might significantly affect the price of BTC. These halving events are scheduled for 2020 through 2028. Note that for Lee’s prediction to come true, Bitcoin’s price has to reach $500,000, going by the current circulation.
Lee’s Views on Libra and Chinese Influence
The crypto-centric talked about China’s growing interest in Blockchain technology. Lee’s comments come just weeks after Chinese President, Xi Jinping, called for more action towards the adoption of distributed ledgers in different industrial sectors. Lee who currently lives in China, China’s interest in Blockchain technology isn’t something to be overly excited about. The Bitcoin bull said he wouldn’t be moved until he sees the end product of the country’s moves. However, Lee also remarked that a stable coin that is backed by the government might be a massive thing for the country’s crypto industry. It could help China lead the U.S. as the county with the biggest economy.
Lee also talked about Facebook’s cryptographic project, Libra. He likes the initiative, despite the controversy around it. Lee claims that private corporations should be given the thumbs up to create their crypto.