Bobby Lee, co-founder and chief executive Officer of famous Bitcoin exchange BTCC tweeted a bitcoin price prediction, which is between $5000 and $11000 by 2020 year, after the block reward halving. The entrepreneur, who often makes predictions, additionally said that the everyday inflow might scale consequently, from the modern $2 million a day stage, up to $5-$10 million daily.
Bobby Lee published in Twitter:
“#Bitcoin price target in 2020; after block halving: USD $5k-$11k
Assuming $5-$10 million every day flow into #BTC by then.”
Bobby Lee reminded his 5600 Twitter followers his medium-term price goal for bitcoin is of $5600. There was not stated any words about how long it will take bitcoin to attain that value. Moreover, he noted that a $5-$10 million every day influx isn’t much. Bobby Lee compared it to gold’s inflow of $340 million daily.
The Lee’s enthusiastic bitcoin price prediction comes after BTCC, one among largest bitcoin exchanges in China, suspended cryptocurrencies withdrawals until March 15, in order to introduce new protection necessities and follow requests from the People’s Bank of China. The three biggest and famous bitcoin exchanges in China enforced a suspension of Bitcoin and other cryptocurrency withdrawals. Therefore, many investors turned to peer-to-peer market LocalBitcoins.
LocalBitcoins lately recorded an international all-time high, as buying and selling volume in China surged in response to the exchanges’ choice. It’s worth noting LocalBitcoins is blocked in China, because it uses Google’s reCAPTCHA system, so customers need to apply a VPN to get admission to the platform.
In the past, the Chief Executive Officer has addressed the future of bitcoin in an effective way, by urging to community to scale responsibly and to be patient, in order to focus on keeping bitcoin as a reliable virtual asset. His upbeat attitude has not modified with time, as difficult times for bitcoin in China never appear to have bothered him that much. He additionally sees low volatility of Bitcoin as a sign of maturity, simply alike some different specialists, as bitcoin wishes low volatility with a purpose to keep its increase and stability
The interference with bitcoin of People’s Bank of China has taken a toll on the value of cryptocurrency in the past, because it even forced HaoBTC, a distinguished bitcoin organization, to shut down its Bicoin exchange. However, bitcoin currently bounced back and kept to go beyond its new all-time high.