By Ollie H - Cryptocurrency Professional - 01-10-2021
Recently, a crypto veteran has come forward to state that the price to buy Bitcoin (BTC) is likely to reach the $100k mark in a FOMO (fear of missing out) rally. The co-founder of BTCC, a well-known cryptocurrency trading platform, Bobby Lee, believes that before the end of the year, Bitcoin's price will increase past $100,000. He stated that if a new bull run comes up, we will see the price rally to the long-awaited milestone. More specifically, Bobby (the brother of Litecoin (LTC) founder Charlie Lee) predicts that the next bull run will be fuelled by investors who fear missing out on the asset.
Lee made his predictions during an interview with Bloomberg. In the interview, the crypto veteran brought up the topic of China's ban on buying crypto and all cryptocurrency transactions. The ban led to all cryptocurrency exchange platforms having to shut down their services within the country, to which Lee stated that this was to be expected for quite some time. Lee explained that all mining companies that operated with a Proof-of-work (PoW) consensus had to leave the country due to their hardware usage.
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.