The former head of the BTCC exchange believes that even OTC trading platforms will be unavailable in the country due to the tough prohibitive measures of the Chinese government against cryptocurrencies.
Bobby Lee expressed this opinion on CoinDesk TV’s “First Mover” program. He is convinced that over-the-counter (OTC) platforms operated by major exchanges will soon be closed in China.
Now local traders continue to conduct transactions on them, but even these platforms will stop offering services to users from mainland China, Li said. This is due to the recent expansion of the People’s Bank of China’s ban on digital asset transactions. Lee also suggested that cryptocurrencies will be considered “foreign assets” in the not too distant future.
“I think bitcoin will become such an asset that it will be impossible to sell overseas in China. But if you go to this country, you will have to take care of buying or selling this “foreign asset” in advance, because being in China, you will no longer be able to do this, ”said Li.
Despite pressure from Chinese regulators, Lee is still confident that bitcoin may surpass $ 100,000 by the end of the year. The CEO of Ark Investment Management, Catherine Wood, also adheres to the same optimistic position about the growth of bitcoin. She estimates that bitcoin will cross the $ 500,000 mark in the next five years.
Recall that in 2019, Lee left the post of CEO of BTCC and became the founder of Ballet, which produces hardware wallets.
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