Bobby Lee: Bitcoin Set To Surpass $60k, It’s “Simple Math”
The cryptocurrency market has had its fair share of bulls and bears over the years. Bobby Lee, the co-founder of the BTCC exchange and Charlie Lee‘s brother, ostensibly falls into the former category, recently issuing a series of tweets regarding his undying bullish sentiment on Bitcoin.
When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle
— Bobby Lee (@bobbyclee) August 24, 2018
On Friday afternoon, industry veteran and Bitcoin bull Bobby Lee revealed that he fully expects for the price of the foremost crypto asset to skyrocket to $60,000 “in the coming years.” Along with reaching $60,000 a piece, the crypto entrepreneur noted that the total market capitalization of the asset will surpass $1 trillion, which would put Bitcoin on par with the value of some legacy markets. He added:
This statement alludes to the fact that $1 trillion will be an important mental barrier for Bitcoin to cross, as once it does, ‘nocoiners’ may begin to see that this nascent asset class holds true value.
While predictions are often educated guesses at best, Lee made it sound much more like a certainty rather than a forecast, which only goes to show that he is hard-set on portraying himself as a Bitcoin bull.
Mining, Halving, And Liquidity
However, Lee quickly received a lot of flak from Bitcoin pessimists, with many noting that his reasoning behind the prediction was shallow and vague at best. Seemingly responding to the criticism, the BTCC executive later issued a series of tweets that were meant to bring credence to his aforementioned prediction.
Lee first brought up the idea of mining and Bitcoin’s next halving, referencing his seven years of experience in the industry. he wrote:
When I started in 2011, daily global output (new BTC x price) was at $36,000. In 2015, this went to $1.8m. Today, we are at $12m. It means that globally, hashpower keeps going up, using up to $12m electricity costs.
The BTCC co-founder went on to note that if the Bitcoin Network’s hashrate continues to grow non-linearly, coupled with 2020’s block reward halving (900 BTC/Day), the price of the asset will be pushed up to new heights. Doing some napkin math, he noted that if the Bitcoin miners use up $54 million worth of electricity a day, Bitcoin could easily see the $60,000 price level that he mentioned earlier.
He added that this all goes back to the liquidity needs of this market, noting that if Bitcoin’s daily demand eclipses $54 million a day, prices will move to, if not beyond $60,000. Lee even noted that this price forecast is a case of “simple math.”
If the answer is >$54 million/day, then $BTC Prices will be over USD $60,000 by then. Simple math. That’s my logic about prices.
— Bobby Lee (@bobbyclee) August 25, 2018
Oddly enough, he made no mention of altcoins, so it remains to be seen whether he holds this bullish prediction for the over 1,800 other crypto assets that are actively traded today.
Photo by Icons8 team on Unsplash
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