Bitcoin price could hit $1 million, Lee said
BITCOIN might have taken a hit in recent weeks, but one cryptocurrency expert has no doubts that the digital currency will rebound - and then some, as revealed by cryptocurrency expert and CEO Bobby Lee.
Bitcoin’s price could hit above $1 million dollars in the next 20 years, Bobby Lee, CEO of China’s first bitcoin exchange said.
Speaking exclusively to Express.co.uk at London Blockchain Week, Bobby Lee, the co-founder of BTCC, said: “Bitcoin, I think will get to $1 million per bitcoin.
“Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000.
“Half a million, that’s going to be a milestone and then eventually it will cross $1 million for bitcoin.”
Asked how long it would take to hit the million mark, Lee said: “Within 20 years, really within 20 years.”
Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.
Its popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.
But not everyone is as enthusiastic about bitcoin’s future as Lee, billionaire business mogul Warren Buffett warned earlier this month that bitcoin and other cryptocurrencies are “certain” to end badly.
Mr Buffet said he is unsure when the cryptocurrencies bubble will burst but he is “certain” it will happen.
He said: “I know this. If I could buy long-term puts. If I could buy a five-year put on every one of the cryptocurrencies – I’d be glad to do it. But I would never short a dime’s worth.
Bitcoin climbed 2.65 percent to $11,058.07 at 20:39 in London, according to coindesk.com
Ripple rose 3 percent to $1.38 at 20:39 in London and ethereum fell 0.56 percent to $997.92 at 20:40 in London.