According to BTCC co-founder Bobby Lee, bitcoin price could reach $200,000 in a very short space of time from now.
Bitcoin Will Exceed $20,000
Speaking to Yahoo Finance UK, the founder of China’s first bitcoin exchange platform declared that the bitcoin price could continue to reach greater heights. According to Lee:
We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.
Lee, however, provided some context to the timeline for the actualization of this forecast, putting it anywhere from a few months to a few years.
Lee’s talk of cyclical periods in the bitcoin price action is one held by a growing consensus of commentators on the matter. Veteran trader Peter Brandt has previously hinted that bitcoin had entered another period of parabolic price growth.
The top-ranked cryptocurrency has increased by more than 2.7 times since the start of the year, almost eclipsing $14,000. The bitcoin price has, however, hit a few snags in Q3 2019, but is currently maintain above the $10,000 price level.
Apart from the positive price performance, the Bitcoin network is also experiencing significant growth in fundamentals like hash rate. Bitcoin’s total computing power appears set to even reach the 100 quintillion hashes per second milestone.
Lee Back in the Crypto Scene
On his return to the crypto scene, Lee said he wanted to offer a suitable solution to the cryptocurrency storage problem.
As reported by Bitcoinist, Lee’s new crypto business Ballet is building an ‘un-hackable’ bitcoin wallet. So far, the startup has raised about $5 million in seed funding from investors including early Coinbase backer Ribbit Capital.
Back in 2017, Chinese authorities placed a blanket ban on cryptocurrency trading and initial coin offerings (ICOs). This move forced exchanges to relocate outside of mainland China.
Lee chose to sell the BTCC exchange for an undisclosed fee believed to be in the hundreds of millions of dollars range.
Since the sale, the former BTCC chief says he took time off from cryptocurrency to travel around the world and spend time with his family.
What is your earliest time-frame estimate for bitcoin reaching $200,000?. Let us know in the comments below.
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