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BTCC CEO Reckons Bitcoin’s Price could Reach $10,000 Soon

Reading Time: 2 minutes by on November 20, 2017 Bitcoin, Commentary, News

Bobby Lee took to the stage at the Scaling Bitcoin technical conference last week, where he evangelized the cryptocurrency. He painted a rosy picture of its future and believes that the price could very well be in the $10,000 range soon. Lee is the CEO of Bitcoin exchange BTCC, which happens to be the oldest in China.

Despite addressing a largely technically inclined crowd at the conference, it quickly became apparent that Lee’s talk was also directed towards those newer to bitcoin and the cryptocurrency market in general.

The talk began with the current price of bitcoin, that has seen a sevenfold increase this year. Brushing aside concerns of this rapid climb, Lee claims that bitcoin is only now starting to prove its worth. He also dismissed those calling bitcoin a bubble and actively encouraged people to invest in it, especially if they haven’t already. At the current price point, Lee believes that it is the best time for someone to enter the world of digital currencies. He also went as far as calling it a “discount.”

The current market price for bitcoin is “very cheap,” Lee continued, as there is still immense growth potential left for it and the underlying blockchain technology. With so little room for error in the cryptocurrency market, he also cautioned new investors not to be hesitant when dealing with bitcoin.

Speaking about China, Lee’s home country where his own exchange started off, he reaffirmed that the nation’s officials are steadfast about their decision and weren’t looking to reverse it anytime soon. The Chinese government had put their foot down against Initial Coin Offerings (ICOs) back in September and moved to shut down all cryptocurrency exchanges operating in the country. This move caused a 30 percent drop in bitcoin’s price, to around $3000. Moving to that subject, he highlighted that despite the crash, it wasn’t long before the currency found itself at more than double the value.

Lee’s own startup has an international presence and was only headquartered in China at the time of the decision. They have since ceased all trading operations in the Chinese region. Unlike Vietnam, cryptocurrencies themselves have not been made illegal, however, buying and selling bitcoin in the country is nigh impossible without any official exchanges.

Bobby Lee didn’t stop at China’s attempt to strongarm bitcoin. He also spoke out against other countries attempting to do the same.

Several governments around the world have expressed interest in a state-controlled crypto version of their currency. Addressing this, Lee went on to say that implementing such a thing would be of little to no value to the current idea of cryptocurrency. Bitcoin currently thrives on the principle of decentralization and was proposed as a solution that transcended regional and cultural boundaries. Any government backed or even regulated currency would be similar to conventional fiat, something that Bitcoin has also sought to replace.

Looking clearly optimistic regarding bitcoin’s future, Bobby Lee’s message to the world was received loud and clear. Investing in bitcoin at this time is just as good as an idea as it was a few years ago.

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