Bobby Lee: “Bitcoin will very likely be over $1 million!”
Founder & CEO of BalletCrypto Bobby Lee, who also co-founded Chinese crypto exchange BTCC made his predictions on Bitcoin price and its market cap.
According to Lee, the market cap of BTC could surpass the gold market cap in the upcoming years.
Currently the gold market cap (around $8 trillion) is 50 times more than Bitcoin’s market cap (more than $160 billion), and as Lee mentioned in his tweet, BTC will surpass gold within 9 years and set $500,000 in price. He also added that overall the BTC price will hit $1 million.
He wrote: “I predict the #flippening will happen within 9 years & $BTC will shoot up past USD $500,000.”
Lee made his predictions drawing the attention on the upcoming Bitcoin halving within 6 months. He noted the reducing supply via block reward halvings, mentioning that during the upcoming 10 years, the released BTC’s amount to miners each block will halve 3 times.
“By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than #gold,” he added.