The $1 Million Bitcoin? Bobby Lee Says BTC Will Overtake Gold
The last few days have seen a bullish sentiment return to the cryptocurrency markets. What is the price limit for Bitcoin (BTC) now? Well-known cryptocurrency expert and Bitcoin advocate Bobby Lee has suggested that we could see the $1 million Bitcoin price in five to ten years.
Who Is Bobby Lee?
He is the ex-CEO of BTCC, which is one of the biggest and longest-established cryptocurrency exchanges in China. In recent years, he has been known for making headline-grabbing, bullish predictions on the future Bitcoin price.
Bobby Lee has also founded the Ballet crypto wallet, which has been launched on Kickstarter. This is said to be the first non-electronic multicurrency hardware wallet. It is designed to be simple and easy for newcomers to get to grips with. However, some critics have suggested that it sacrifices security for simplicity.
What Did He Say?
Bobby Lee’s comments came at the Malta IBC. He said that the price of BTC will eventually pass that of gold. He labelled this event the “flippening” and said that it will happen within the next nine years.
All of the gold in the world is currently worth around $7.5 trillion, which is far above the market cap of Bitcoin ($158 billion at the time of writing). If the predicted flippening happens, Bobby Lee thinks that BTC will pass $500,000.
He based this analysis on the fact the digital currency was designed to become ever scarcer and “super valuable”. Its yearly inflation should decrease to just 0.5% in its 20th year. The daily mining output will drop to around 255 BTC, making it scarcer than gold at this point. The next ten years will see three blockchain halvings, compared to two in the previous decade.
Other predictions he made include BTC going up to $100,000 or $200,000 in “a very short amount of time”. He called it a matter of timing and said that, in dollar terms, the limit for BTC is “infinity”.
Will the $1 Million Bitcoin Prediction Come True?
There is no doubt that BTC has been designed to become ever more scarce and valuable. However, not everyone agrees with Bobby Lee’s bullish $1 million Bitcoin predictions.
For example, Peter Schiff is on the side of gold and believes that Bitcoin has no real inherent value. Like others who are negative on the future of Bitcoin, he believes that the price will fall rather than rise.
Time will tell which of these opposing theories turns out to be true.