The former CEO of one of the most popular Bitcoin exchanges from a couple of years ago, Bobby Lee, said in an interview that he expects for Bitcoin t overtake gold in less than ten years. He also shared his thoughts on Facebook’s Libra, as well as the increased interest in the field coming from China.
Bitcoin To Overtake Gold in 10 Years
In a new interview, Bobby Lee, the former CEO of Bitcoin exchange BTCC, shared his thoughts on some of the most pressing matters within the cryptocurrency field.
One of the main topics of the discussion was the comparison between Bitcoin and Gold. Lee said that he is a big fan of gold, but he still considers that Bitcoin will overtake it in terms of total market capitalization, given that gold remains at this level.
According to the crypto veteran, the estimated physical gold is around 180,000 tons, which, at current prices, puts its capitalization at around $9 trillion. One can quickly see how it might be a challenging task for Bitcoin to match this, given its current market cap of around $150 billion.
However, Lee basis his merit on Bitcoin’s digital scarcity and touches upon the three upcoming halvings within the next nine years. These events slash the total supply of Bitcoin in half, and according to the expert, they might have a significant impact on its price. They are supposed to take place by 2028, with the next one being just around the corner, estimated to take place in May 2020.
It’s worth noting, however, that for Lee’s prognosis to come true, a single bitcoin would have to be worth just shy of $500,000, given the current circulation.
Libra and Chinese Influence
The expert also talked about the recent surge of interest in blockchain-based technologies coming in from china. His comments come weeks after the country’s President, Xi Jinping, pushed for further adoption of distributed ledgers within different industrial segments.
According to Lee, who currently resides in China, this isn’t something to get overly excited about. He said that he “wouldn’t hold his breath” until he sees an end product. However, he also reiterated that a government-backed stablecoin might be a massivehuge thing for the industry. Moreover, it could also help China take the lead from the US as a predominant world economy.
Another exciting thing that Lee talked about was Libra. He shared that he likes the project, despite the controversies around it. He said that private companies should be allowed to create their cryptocurrencies similar to governments.
Featured image courtesy of Yahoo Finance