Bobby Lee, founder of the first Chinese crypto exchange and general expert on all things crypto, recently asserted his belief that Bitcoin is “very likely” to exceed $1 million in value.
“#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin,” Lee wrote on Twitter. “I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000. And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million!”
Lee also wrote:
“#Bitcoin was designed to be SUPER valuable over time. First 10 yrs, there were only 2 block reward halvings, but the next 10 years, there‘ll be 3 (that’s 50% more)! By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than #gold!”
During a recent interview with AIBC Summit, Lee, who describes himself as a “Bitcoin maximalist,” explained that the value of Bitcoin evolves in market bubbles.
“Bitcoin prices go in waves,” he said. “So every so-called bubble … it could go up by 10 or 20 times [more than] the previous high. So the next one could easily top $100,000 or even $200,000 per Bitcoin.”
Lee thinks it’s safe to assume that we can multiply the previous high by five or ten, hence his six-figure prediction for the near future. And after two more bubbles, or waves, he says Bitcoin will reach seven figures.
“Two more waves [after the next one] will get us to $1 million. So I think it will definitely go up quite a bit in the next five or ten years.”