The former CEO of what was once one of the most popular Chinese crypto exchanges, Bobby Lee, said in a recent interview that he expects Bitcoin to 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 discussion was the comparison between Bitcoin and gold. Lee admitted that he is a big fan of gold, but an even bigger fan of Bitcoin. He still believes that the top cryptocurrency will overtake it in terms of total market capitalization.
According to the crypto veteran, the estimated current supply of physical gold is roughly 180,000 tons, which, at current prices, puts its capitalization at around $8 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 bases his prediction 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 could 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 its current circulating supply.
Libra and Chinese Influence
Lee 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, the news 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 major coup 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 surrounding it. He noted that he believes private companies should be allowed to create their cryptocurrencies similar to governments.
Featured image courtesy of Yahoo Finance