What was China's role in the current wave of crypto?

“Bobby Lee” is one of the crypto tycoons in China, as he is the previous proprietor of one of the first cryptocurrency exchanges in China called “BTC China”.

Lee currently shared his thoughts on the present day Bitcoin ban in China that he believes the authorities will continue to ramp up, as properly as imparting his predictions for the future of Bitcoin.

Tell Lee:

With Chinese regulators strengthening their ban on cryptocurrencies across the country, China will continue to ramp up its rules of cryptocurrencies, and in a few years may also ban them completely, destroying any ways for the nation's residents to engage with cryptocurrencies in any way.

In an interview with Bloomberg, Lee outlined his ideas on a feasible blanket ban on Bitcoin. He said:

The next element they should do, or the ultimate straw, would be something like banning cryptocurrency altogether.

I put the chance around that 50-50.

The implications of China's tough stance on cryptocurrencies have been plenty debated by crypto skeptics and bulls alike.

China's choices most likely affected the markets, however Lee believes it is a temporary complication for Bitcoin.

Despite the consequences of Chinese regulation, Lee believes that the success of Bitcoin is some thing that will not necessarily be affected through the moves of one country:

Unfortunately, cryptocurrency buying and selling will be a element of the previous in China, once this 12 months has passed.

In a way, this is a precise element for cryptocurrencies because in my heart, I have constantly recognized that the success of Bitcoin in no way relies upon on China.

Just as it does no longer depend on any single country, or any one group of people.

China's latest ban on cryptocurrency mining and trading has touched a number of important bitcoin mining corporations that are assembling their shops and shifting their businesses offshore.

Although it is no longer yet unlawful to own or buy and sell cryptocurrencies to different people, it is likely that rules will be tightened to consist of this in the future.

Meanwhile, Bitcoin fans like Lee proceed to aid Bitcoin, stating:

I am assured that the latter half of of this 12 months will convey Bitcoin lower back to over $65,000.

I assume it will peak at over $250,000 later this year.

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