Co-founder and former CEO of BTCC Bobby Lee, also famous for his influential bitcoin price predictions, shared in an interview on November 18, that Bitcoin will overtake gold by total market capitalization already this decade.
Current BTC market capitalization equals a little more than $145 billion, according to COIN360 data, while in Lee’s estimations, the total market capitalization of gold is $9 trillion.
Yet Bobby Lee believes that BTC can raise its capitalization over 62x, due to the programmed limited supply of bitcoin, which equals 21 million coins, and upcoming halvings in next 9 years. Lee estimates that the next halvings will take place in May 2020 and by 2028, causing spikes in the bitcoin price.
If Bitcoin is to reach a $9 trillion market capitalization or above, with the current circulating supply of 18,055,937 coins, the price would need to be around $500,000 for 1 BTC, or $429,000, given the maximum supply of 21,000,000 coins.
Also Bobby Lee, currently a resident of China, shared that he would not be overly excited after China’s President Xi Jinping urged the country to speed up blockchain technology adoption, since the market is yet to wait for end products. But, in his opinion, the Chinese central bank’s digital currency project, the launch date of which remains unclear, could help the country to shake current US dominance.
Lee also shared an opinion that private companies should not be shut out in their attempts to create cryptocurrencies similar to the ones created by central banks, referring to the recent controversies surrounding the Facebook-led Libra project.
As COIN360 reported earlier, this September Bobby Lee announced the launch of his new product – the Ballet crypto hardware wallet, betting on the mass blockchain market with the ultimate goal of bringing “greater adoption to the rest of the world.”