BTCC’s Bobby Lee: Chinese Capital Controls Not a Factor in Recent Bitcoin Price Rise

By June 24, 2016Bitcoin Business

As the price of Bitcoin continues its wild ride, expert observers weigh in on the reasons: China, halving, Japan, Brexit ‒ all seen as factors. But every analysis includes the current situation in China where an uncertain economy and yuan devaluation seems to be causing a marked increase in Bitcoin trading volume.

Bobby Lee, CEO of China’s BTCC exchange, sees this as the natural progression of a very good idea whose time has come. Lee told Bitcoin Magazine : “The recent price rise could be because people are finally catching up to the fact that Bitcoin is truly a suitable global asset class. More and more people are buying into this argument. If you look back at the last eight years, Bitcoin has essentially gone up several times each year.” A strong believer in the intrinsic value of Bitcoin, Lee is not overly excited about the current price surge, but sees it as a continuation of a long-term trend: “I’m optimistic about Bitcoin as a digital asset. For Bitcoin to gain widespread adoption in the next 20 years, it has to be valued at much more than the $10 billion that it currently is in terms of circulation value. I believe that Bitcoin will be successful globally in the next 20 years, meaning that it will be multiples and multiples of where it stands today.” China’s Capital Controls Not a Factor in Rising Bitcoin Price

Lee has noted previously that the yuan devaluation has had an impact on the Bitcoin market. He told Bitcoin Magazine in a May article : "BTCC has seen very high trading volumes this past weekend. In fact, on our Pro Exchange, we saw record volumes on Friday, the highest ever since our launch last October. This recent rally was indeed led by the China market, […]

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