Bobby Lee is one of China’s first Bitcoin moguls, and recently discussed his thoughts on the current Bitcoin ban in China which he believes will continue to intensify, as well as giving his forecast for the future of Bitcoin.
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.
In an interview with Bloomberg, Lee outlined his thoughts on a probable overarching Bitcoin ban:
“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.”
The implications of China’s tough stance on cryptocurrency has been much debated by crypto skeptics and bulls alike. The impact of which has undoubtedly affected the markets, but which Lee believes to be a short-term complication for Bitcoin. Despite the effects of China’s regulation, Lee views the success of Bitcoin as something that won’t necessarily be influenced by 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 has seen a number of major Bitcoin mining companies packing up shop and taking their business abroad. And while it is not yet illegal to own crypto or buy and sell it to other people, the chances are that regulation will also be tightened to include this in the ban.
In the meantime, Bulls such as Lee continue to support Bitcoin: “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”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.