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Chinese Bitcoin exchange BTCC CEO Bobby Lee has said he expects Bitcoin to cost up to $11 thousand per coin within three years.
BTCC CEO Bobby Lee has forecast Bitcoin being worth between $5000 and $11,000 by 2020 after the block reward halving.
In a tweet on Sunday, Lee, who has made regular predictions, stated that the daily inflow of cash into Bitcoin would also scale accordingly from the current levels of $2 mln per day to up to $10 mln.
#Bitcoin price target in 2020; after block halving: USD $5k-$11kAssuming $5-$10 million daily flow into #BTC by then. (Today: $2m daily in)— Bobby Lee (@bobbyclee) February 26, 2017
#Bitcoin price target in 2020; after block halving: USD $5k-$11kAssuming $5-$10 million daily flow into #BTC by then. (Today: $2m daily in)
Lee added that for the “medium-term” he expects a price equal to the number of his followers - $5,600 - but did not stipulate what length of time that might refer to.
His upbeat tone comes amid continued frenzied trading in China, despite the country’s Bitcoin exchanges only semi-operating due to regulatory concerns.
Lee’s BTCC announced on Feb. 15 that it would continue to suspend BTC withdrawals “until March 15,” whereupon it would have introduced new security requirements in line with requests from the People’s Bank of China.
Traders have thus turned en masse to peer-to-peer marketplace LocalBitcoins, with the platform recording two consecutive record weeks. In the seven days ending Feb. 25, over 50 mln yuan went through its books, up from 36 mln the week before.
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