Despite the bans by China, Lee is adamant about his forecast that Bitcoin will exceed USD 100,000 by the end of the year. Lee believes that OTC platforms operating from exchanges will only stop offering their services to users in China.
Chinese businessman Bobby Lee is the CEO of the physical wallet service Ballet and a former director of BTCC. The latter was once one of the largest cryptocurrency exchanges in China.
Lee commented that the Chinese government has always had Bitcoin and other cryptocurrencies in its sights. However, he said that the ban is now fully explicit, criminalizing all Bitcoin buying and selling operations in the territory.
The executive added that Bitcoin buying and selling operations are the only ones that the government has prohibited. That ban does not cover the trade of digital assets on exchanges or the holding of cryptocurrencies. For that reason, he believes that it is not the end of digital operations in China.
According to Lee, Bitcoin and other cryptocurrencies will become external digital assets. Although no one can buy or sell cryptocurrencies in China, citizens can travel to other countries. While on vacation or business, they can trade those crypto assets unlimitedly. The businessman clarified that they could do this only outside the territory of China.
Despite the situation, Lee stands firm on his forecast that Bitcoin will exceed USD 100,000 by the end of the year. He believes no factor determines the aggressive decline of the cryptocurrency.
The creation of Bitcoin occurred without any ties to the Chinese government. For that reason, it is not logical that the decisions of a single country define the future of that cryptocurrency.
OTC Markets Will Be Next to Fall to China’s Bans
Over-the-counter (OTC) markets help facilitate transactions between asset pairs. That popular platform allows investors in China to buy and sell their cryptocurrencies. Bobby Lee believes that they will soon be the only way to make those kinds of transactions.
The Asian country is taking extreme measures against cryptocurrency trading, which has led OTC markets to suspend their trading activities.
Bobby Lee believes that OTC platforms that operate from exchanges such as Huobi and Binance will close in the short term. He explained that they would only stop offering their services to users in China. According to Lee, some OTC users are still trading, but that will decrease with the days.
Bitcoin trading platform Huobi is one of the largest cryptocurrency exchanges in the world. They suspended service to users within Chinese territory after the bans by the Chinese government.
The closure of cryptocurrency exchanges in China is now final, and OTC markets could follow their example in the coming days.
The importance of crypto assets in the world economy has become increasingly evident, which has not gone unnoticed by governments. China alleges that transactions with Bitcoin and other cryptocurrencies affect and alter the economic and financial order of the country.
By Willmen Blanco
