Recently, a cryptocurrency veteran has boldly claimed that the price to buy Bitcoin (BTC) is likely to reach the highly anticipated milestone of $100,000 mark in a FOMO (Fear of missing out) rally. One of the co-founders of platform BTCC, a well-known cryptocurrency trading platform, Bobby Lee, believers that before the end of the year, Bitcoin’s price could accelerate past $100,000. He claimed during an interview with Bloomberg, that if another bull run emerges, we may see the price rally to a highly anticipated milestone. Bobby Lee’s brother, Charlie Lee, agrees with the sentiment and strongly believes that the next bull run will be powered by a Fear Of Missing Out (FOMO) phenomenon.
Bobby Lee shared his predications in an interview with Bloomberg. During the interview, the crypto veteran mentioned the topic of China’s ban on cryptocurrency ownership, transacting and mining. The ban ultimately resulted in the closure of all cryptocurrency activity including cryptocurrency trading platforms operating in the jurisdiction, to which Bobby Lee commented that this was expected for some time. The resulting outlaw of mining activity has seen the hash rate half. Lee explained that all mining companies that operated with a Proof-of-Work (PoW) consensus had to move their operations abroad due to their hardware usage and electricity costs.
Comparatively, Bobby Lee noted due to the lack of hardware and infrastructure in China, citizens are still able to stake cryptocurrency within China, making it hard for authorities to track and trace activity currently. However, Lee also stated that the negative new cycle that was long overdue has now subsided, which could present a window for cryptocurrency to continue to grow.
In comparison to mining companies, Lee noted that people can still stake cryptocurrency within China due to its lack of need for hardware making it hard for the government to trace activity. However, Lee stated that the negative news that was long overdue is now out of the way, which leaves space for the cryptocurrency to continue growing.
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