Tuesday, November 12, 2021

Bobby Lee: $1 Million for BTC in Nine Years?

Bitcoin price predictions are running rampant throughout the space, and the latest is coming from Bobby Lee, the co-founder of Chinese bitcoin exchange BTCC.

Lee: Bitcoin Is About to Go Up, Up, Up

To be clear, Lee is making a few predictions. His first could potentially give John McAfee a run for his money and says that bitcoin could be worth $1 million by 2028. However, he’s also offering something a little sooner to potentially put enthusiasts’ minds at ease. He says that bitcoin might reach $100,000 or even $200,000 within the next few years.

In a recent interview, the crypto entrepreneur states:

Bitcoin’s price goes in waves. Every so-called bubble, every FOMO run, it could go up by ten or 20 times the previous high, so the next one could easily top $100,000 or even $200,000 per bitcoin… So, I definitely think it will go up quite a bit in the next five to ten years.

This would indeed be huge. Furthermore, it would be a serious leadup to the 2028 prediction, which Lee says could be hit following one to two more bubbles. As it stands, bitcoin has taken a nasty hit since the weekend when it was trading for just over $9,000. At press time, the world’s number one cryptocurrency by market cap is back down to $8,700.

Lee provided even further explanation in a series of tweets he released late last week. He explains that bitcoin is in line for a “flippening,” which occurs when one commodity or currency potentially overtakes another. In this case, he believes bitcoin will overtake gold. He comments:

Gold is about $8 trillion today, which is [50 times] the worth of bitcoin. I predict the [flippening] will happen within [nine] years and [bitcoin] will shoot up past [$500,000]. [Bitcoin] was designed to be [super] valuable over time. First ten [years], there were only [two] block reward [halvenings], but the next ten years, there’ll be [three] (that’s 50 percent more)!

Bobby isn’t the only one giving traders an idea of where BTC could potentially landing in the coming months. Tom Lee of Fundstrat fame originally stated that 2019 could end with one unit of BTC trading for a whopping $40,000. To be fair, however, it doesn’t look like that will necessarily occur as we have less than two months left until 2020 makes its official introduction.

Something Very Big Is Bound to Happen Soon…

That’s not to say that something drastic could occur overnight, though. After all, we are dealing with bitcoin…

In addition, venture capitalist Tim Draper has often stated that the currency could reach as high as $250,000 by the year 2022. He has since pushed this prediction back somewhat to 2023, but that’s still very close for bitcoin to hit the six-figure mark. Either way, it looks like BTC is going to enjoy a solid future.

The post Bobby Lee: $1 Million for BTC in Nine Years? appeared first on Live Bitcoin News.

Bobby Lee: $1 Million for BTC in Nine Years?