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BTCC CEO Lee Pegs Bitcoin Price Between $5,000 and $11,000 by 2020

Last Updated March 4, 2021 4:54 PM
Francisco Memoria
Last Updated March 4, 2021 4:54 PM

Bobby Lee, BTCC’s co-founder and CEO recently tweeted  a bitcoin price prediction, which is between $5,000 and $11,000 by 2020, after the block reward halving. The entrepreneur, who regularly makes predictions, also stated the daily inflow would scale accordingly – from the current $2 million a day level, up to $5-$10 million a day.

Bobby Lee also reminded his 5,600 Twitter followers his “medium-term” price target for bitcoin is of, well, $5,600. There was, however, no mention of how long it will take bitcoin to reach that value. Later on, Lee also said that a $5-$10 million daily inflow isn’t a lot . He compared it to gold’s inflow of $340 million a day.

The CEO’s enthusiastic bitcoin price prediction comes after BTCC, one of China’s biggest bitcoin exchanges, suspended bitcoin and litecoin withdrawals until March 15, in order to introduce new security requirements and comply with requests from the People’s Bank of China (PBOC). Recently, China’s ‘big 3’ bitcoin exchanges enforced a suspension of cryptocurrency withdrawals, and in response, traders turned to peer-to-peer marketplace LocalBitcoins.

As reported by CCN.com, LocalBitcoins recently recorded a global all-time high, as China’s trading volume surged in response to the exchanges’ decision. It’s worth mentioning LocalBitcoins is blocked in China, as it uses Google’s reCAPTCHA system, so users need to use a VPN to access the platform.

Bullish on Bitcoin

In the past,the CEO has addressed bitcoin’s future in a positive way, by urging to community to scale responsibly and to be patient, so as to focus on maintaining bitcoin as a reliable digital asset. His upbeat attitude hasn’t changed with time, as tough times for bitcoin in China never seem to have bothered him that much. He also sees bitcoin’s low volatility as a sign of maturity, just alike a few other experts, as bitcoin needs low volatility in order to maintain its growth and stability

Positivity is always welcomed in the bitcoin community. PBOC’s interference with bitcoin has taken a toll on the cryptocurrency’s value in the past, as it even forced HaoBTC, a prominent bitcoin company, to shut down its exchange. Nevertheless, bitcoin recently bounced back and managed to go beyond its new all-time high.

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