- Lee believes that Bitcoin will take over gold by 2020 given its digital scarcity and upcoming three halvings
- He also spoke about the recent surge in blockchain interest in China and its upcoming state-backed stablecoin.
In a recent interview, the former CEO of Bitcoin exchange BTCC, Bobby Lee, spoke about the most concerning issues in the crypto industry. Speaking of gold and Bitcoin, he said that he thinks that Bitcoin will overtake gold in terms of total market capitalization. According to Lee, the current approximate supply of physical gold is around 180,000 tons, which, at present, puts its capitalization at $8 trillion. This can pose a challenge for Bitcoin to match this number, given its present market cap of around $150 billion.
However, his prediction is based on Bitcoin’s digital scarcity and the three upcoming halvings in the next nine years. These events slash the total Bitcoin supply in half and could have a noticeable impact on its price, according to Lee. Notably, for his prediction to come true, one Bitcoin would have to be worth $500,000, given its current circulating supply.
Lee also shared his thoughts on the recent surge in involvement and interest in blockchain in China. This comes after Chinese President Xi Jinping endorsed increased adoption of distributed ledgers within several industrial segments. Lee stated that he isn’t excited about this news claiming that he “wouldn’t hold his breath” until he sees an end product. On the other hand, he said that a government-backed stablecoin might be necessary for the industry. He also said that this could help China take the lead from the US as a predominant world economy.
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