Bobby Lee Expects Bitcoin’s Market Cap to Surpass Gold’s $8 Trillion Size in Next 8 Years
Bobby Lee, the ex-CEO of what was the most famous Chinese cryptocurrency exchange at some point, has said in an interview that he expects Bitcoin to overtake gold’s market cap over the next 10 years.
His thoughts were also shared on Facebook’s Libra, together with his heightened interest in what’s happening on the Chinese front. In an interview, the same former CEO of BTCC, the famous Bitcoin crypto exchange, has discussed the most pressing issues in the cryptocurrency space.
The comparison between gold and Bitcoin came up, and Bobby Lee said he’s very interested in gold, but much more in Bitcoin, believing the latter will overtake the first when it comes to the total capitalization of the market.
According to Lee, a Bitcoin Would Have to be $500,000
A veteran in the crypto world, Lee also knows that the present supply of gold is about 180,000 tons. At the current price, its capitalization would be $8 trillion. This means the Bitcoin would have a very difficult time to match it, as its market cap today is at about $150 billion.
However, Lee is basing his affirmation on the Bitcoin’s digital scarcity and refers to the 3 halvings meant to happen in the next 9 years. According to him, these events would slash Bitcoin’s total supply in half and have a great impact on the price.
The changes are supposed to happen by the year 2028, with the next one taking place in May 2020. It should be noted that for Lee’s prediction to become a reality, a Bitcoin would have to be worth about $500,000 at the current circulation supply.
China More Interested in Blockchain-Based Technologies
Lee also discussed the increased interest of China in blockchain technologies. His interview comes soon after President Xi Jinping has adopted the distribution of ledgers into different industry sectors in the country.
As a resident of China, Lee says the news aren’t too exciting and that everyone should wait to see the end product. He also expressed that a stablecoin released by the government would be a great idea, not to mention how much it would help China to take US’s place as one of the most predominant economies in the world.
Lee further on talked about Libra and said how much he likes the project, even if it’s surrounded by controversy. He also said private companies should be allowed to launch their own cryptocurrencies, just like governments are.