BTCC’s Bobby Lee: Bitcoin Price at $60,000+ USD by Next 2020 Halving
Bitcoin could experience a new bull run in the next years according to BTCC co-founder Bobby Lee. He said that it can reach $60,000 dollars in the coming years and reach a total circulation value of $1 trillion dollars.
After it, Bitcoin will have more liquidity globally, and the prices will be more stable than before. Because of this, adoption will also grow and create a virtuous cycle, according to a Tweet written by Mr. Lee on August 24.
When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) August 24, 2018
It is important to mention that some crypto enthusiasts were complaining about Lee’s explanation saying that it was vague or simple. But, he kept explaining how he reached these numbers.
In a series of Tweets, he explained that mining and block rewards explain why Bitcoin prices will keep growing. In order to make such a prediction, he mentions his experience in the cryptocurrency market since 2011. At that time, the daily global output of Bitcoin was close to $36,000 dollars, and in 2015 this went to $1.8 million dollars. Currently, and according to Mr. Lee, this number is $12 million dollars.
In 2020, the next Bitcoin halving will take place. That means that the output will drop to 900 BTC per day. If hash power continues to grow, that amount would reach $54 million dollars a day, and Bitcoin would be priced close to $60,000 dollars.
About it, the expert Bobby Lee commented:
“That will be a huge milestone for BTC, and it’ll lead to more price stability, higher global liquidity, and even faster adoption worldwide.”
There are currently several experts trying to predict which will the price of Bitcoin be in the next months or years. During the beginning of the year, most of the analysts were predicting Bitcoin to reach $20,000 back again by the end of the year. However, the market turned out to be more bearish than expected.
At the moment of writing this article, Bitcoin is being traded close to $6700 dollars and has a market capitalization of $116 billion dollars.