At a time in which the People’s Bank of China (PBoC), China’s central bank, reveals it can indirectly regulate bitcoin mining by limiting power use, BTCC co-founder and CEO Bobby Lee, revealed he believes it is a matter of time before the country lifts its crypto exchange ban, presumably including initial coin offerings (ICOs).
Last year, as reported by Core Media, China enforced a blanket ban on cryptocurrency exchanges and ICOs, as the PBoC claimed cryptocurrencies posed a major financial risk to its economy. The ban forced Bobby Lee’s BTCC to close down operations in September 2017, after serving the public since 2011.
While on CNBC’s “Squawk Box,” Bobby Lee revealed he believes the ban will eventually be lifted. He said nothing is permanent, and even China’s “one-child policy” eventually ended. He added:
“In this world, nothing is ever permanent (…) One day I think it’s possible they’ll lift the ban, so called, and they might reinstitute it and license it. Frankly speaking, I don’t know what kind of time frame that is, whether it’s a few months, a few years or even a few decades, so it’s hard to tell.”
Regarding the ban’s effects on bitcoin and the cryptocurrency ecosystem, Lee clarified that it wasn’t that bad of a thing. Per Lee, the more regulators tried to pressure bitcoin, the more we saw how the cryptocurrency is actually resilient.
After being forced to close down his trading platform in China, Lee moved on. He now reportedly focuses on an international trading platform, a cryptocurrency mining operation, and a multi-currency wallet called Mobi.
Bitcoin’s future, despite the crypto exchange ban
China recently lashed out at Bitcoin. The People’s Daily, China’s biggest newspaper group and the official newspaper of the Chinese Communist Party, recently published a piece stating the cryptocurrency is a bubble. The piece implied its current price is based on hype, speculation and mystery.
Bobby Lee added that he believes in bitcoin’s scarcity. So much so that he expected the price to go up in 2018. Per Lee, today we’re only seeing 1,800 bitcoins mined per day, down from 7,200 five years ago. In about two and a half years, the entrepreneur notes, the supply will go down to 900 bitcoins a day.
“So if you talk about multi-million dollars of inflow with only new supply of 900 bitcoins a day, you can imagine where prices could be at in three, five, or ten years.”