Main navigation

China Could Ban Ownership of Bitcoin, Says Crypto Pioneer Bobby Lee

News
Mon, 07/26/2021 - 06:04
article image
Alex Dovbnya
China could go as far as banning Bitcoin ownership, according to industry veteran Bobby Lee
China Could Ban Ownership of Bitcoin, Says Crypto Pioneer Bobby Lee
Cover image via stock.adobe.com
Read U.TODAY on
Google News

China’s crackdown on the cryptocurrency industry might not stop with banishing crypto miners.   

According to Bobby Lee, the founder of the very first Chinese exchange, there is a 50 percent chance that Bitcoin ownership will be banned in the country:

The next thing they could do, the final straw, would be something like banning cryptocurrency altogether. I put it at the odds of 50-50.

Lee believes that China could move to completely ban Bitcoin when the cryptocurrency’s price hits $500,000.

Related
China's Anhui Province to Ban Bitcoin Mining

The crypto pioneer is still convinced that Bitcoin could reach $250,000 later this year despite a massive correction.

As reported by U.Today, the top crypto recently jumped to nearly $40,000 amid Amazon rumors. 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.