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CEO of China’s BTCC exchange expects Bitcoin for $1.500 in 2017

CEO of the China’s BTCC exchange believes that the price of Bitcoin can update the historical maximum of 2013 and it stands a good chance to reach and even surpass $1.500 mark.

Last Friday, the price of Bitcoin broke resistance at $755 after several attempts in November and was about to reach $780 at some time on Bitstamp and Bitfinex. Cryptocurrency is traded with traditionally higher prices and record-setting prices over the past two years were recorded there on December 2.

ʺI am very excited about this Bitcoin’s rally. The time has come! Agaisnt the backdrop of the continuing devaluation of yuan, we have observed the record-breaking volume of transactions this quarter. I believe that we will see a new historical maximum of Bitcoin, it can reach and even surpass $1.500 mark,ʺ Bobby Lee said in his interview with Bitcoin Magazine.

The price of Bitcoin has risen by 80% since the beginning of the year and, in spite of greatly cheapened Chinese currency, Bobby Lee named other factors that could contribute to it. They are major global political and economic turmoil, including Brexit, election of Donald Trump, instability in the banking sector, recent denomination in India, when 500-rupee and 1000-rupee banknotes have been taken out of circulation and control over capital flow in Venezuela.

ʺMoreover, the comparative stability and improvement, like SegWit’s implementation, make Bitcoin a sure option for investors in comparison with Altcoin.ʺ

Also, Bobby Lee made a long term forecast of the Bitcoin’s price.

ʺI think that the price of Bitcoin will rise up to several thousand dollars in the long run and can hit $10.000 by the next halving in 2020. Look how governments continue to increase the amount of fiat currency in circulation, printing money and offering other decisions on quantitative easing. It is worth remembering that monetary expansion will increase the price of Bitcoin, as it is measured in terms of the inflation rates,ʺ CEO of BTCC concluded.

It should be reminded that the results of the recent Forklog’s survey has showed that 42.4% of cryptocurrency users are convinced that Bitcoin will cost $1.000 by the end of this year.

Source: forklog

  • December 6, 2016 10:02 AM MSK