China Might Ban Hodling Bitcoin When It Goes to $500K: Bobby Lee
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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."

BTCChina Exits Bitcoin Businesses Amid Crackdown in China

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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