Bobby Lee, CEO of BTCC that was once the world’s second-largest crypto exchange by volume, has been a pro-Bitcoiner and a well-known industry figure. Quite recently, Lee took to Twitter and has said that Bitcoin (BTC) will surpass the total market cap of Gold and could be worth $1 million in the near future.
According to Lee, Bitcoin’s market cap is $160 billion, while Gold is at $8 trillion total market cap which is fifty times more than bitcoin’s. Lee thinks that a complete reversal could occur in something as early as nine years of time. His Tweet reads:
“I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.”
Lee believes every bitcoin wave is a bubble, and with every bubble the price goes higher. His argument is based on the fact that Bitcoin’s supply is decreased via block reward halvings. He mentioned that within the next 10 years the amount of Bitcoin released to miners would be reduced by three times. He explained:
“By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than #gold!”
Lee also noted that Bitcoin’s price could easily be seeing $1 million within the next decade in the event of global money printing continuing.
While another social media analyst, PlanB, had previously noted that the money printing could eventually stop stock – to- flow model from working.
Stock – to – Flow is a model used to chart the Bitcoin price by using Bitcoin’s new supply versus its existing stock to forecast its new value.
PlanB had said last month:
“I would be happy if the model holds for 1 or 2 or maybe 3 more halvings. Especially since BTC is measured in $ … who knows what happens with $ if the FED keeps doing more QE (money printing).”
Earlier, Lee had revealed his new company Ballet, which has created a hardware wallet for bitcoin and crypto investors who are looking to invest in digital currencies over the long term. The non-electronic wallet supports bitcoin as the primary crypto but also has support for altcoins like ETH, XRP, DOGE, and others.