Bobby Lee, the Co-Founder and ex-CEO of China-based bitcoin (EXANTE: Bitcoin) exchange BTCC, told Bloomberg in an interview that Beijing might ultimately ban all operations related to cryptocurrencies, including hodling.
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He also said Chinese authorities did not even bother to "differentiate" eco-friendgly powered bitcoin mining facilities vs the dirty coal powered ones:
"So to me, that’s a sign that it was not about the cleanliness of the mining, but rather is more of a higher level sort of perspective about financial stability for the country."
The BTCC CEO supposed that Beijing might ban cryptocurrency altogether as soon as bitcoin reaches the $500,000-$1,000,000 mark. However, this will not stop the largest cryptocurrency from going upwards. According to Lee, the largest cryptocurrency by market capitalization could end 2021 around $250,000 and reach $1 million by 2025.
"I expect Bitcoin to pass a million, two million dollars easily in the next 10-15 years," Lee said.
Previously, Deputy Governor at People's Bank of China (PBoC), Fan Yifei, said that cryptocurrencies like bitcoin (EXANTE: Bitcoin) and stablecoins pose threat to China's financial stability. He also called for the separation of private digital currencies and central bank digital currencies (CBDC).
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