Bobby Lee, a prominent figure in the cryptocurrency sector, expressed optimism about the future of Bitcoin during a recent Bloomberg TV interview.
Lee sees the crypto market finally breaking through the clouds of a prolonged downturn after weathering a yearlong bear market that pulled Bitcoin's value to a low of $16,000.
The BTCC founder pointed out that the digital currency is now recovering and regaining momentum, telling Bloomberg, "It's been a long time. So, crypto has these four-year cycles...and now we've almost recovered a little bit. So, it's quite exciting."
Lee further argued that cryptocurrency should be considered a financial safe haven compared to traditional fiat money. He explained, "During the banking crisis, people started to realize that when their money is not in the bank, it's not always there necessarily because the money is being lent out to other businesses or the firms." In contrast, cryptocurrencies like Bitcoin provide the stability of self-custody, enabling individuals to manage their own financial resources and maintain full control over their assets.The trailblazing entrepreneur behind China's first Bitcoin exchange also commented on the regulatory landscape, stating that the United States has the most mature and established regulatory regime. "We know that the regulatory regime in the U.S. is the oldest and the most mature," Lee said.
He believes that organizations like the SEC are essential in combating illegal fundraising and is pleased to see progress in the U.S. after calling for increased regulation for over a decade: "I think it's about time. I've been asking for this for over a decade now, and finally we are seeing this in the U.S."
Lee also expressed enthusiasm about Hong Kong's embrace of cryptocurrency regulation, highlighting the global shift toward greater acceptance and oversight of digital currencies. "I'm also very excited about the regulatory embrace of crypto in Hong Kong," he remarked. As the crypto market finds its footing and regulatory frameworks advance, the future of Bitcoin and other cryptocurrencies appears to be on a steady upward trajectory.