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

Lee recently shared his thoughts on the current Bitcoin ban in China that he believes the government will continue to ramp up, as well as providing 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 regulation of cryptocurrencies, and in a few years may ban them entirely, destroying any ways for the nation’s residents to interact with cryptocurrencies in any way.

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

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The next thing they could do, or the last straw, would be something like banning cryptocurrency altogether.

I put the probability around that 50-50.

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

China’s decisions undoubtedly affected the markets, but Lee believes it’s a short-term complication for Bitcoin.

Despite the effects of Chinese regulation, Lee believes that the success of Bitcoin is something that will not necessarily be affected by the actions of one country:

Unfortunately, cryptocurrency trading will be a thing of the past in China, once this year has passed.

In a way, this is a good thing for cryptocurrencies because in my heart, I have always known that the success of Bitcoin never depends on China.

Just as it does not depend on any single country, or any one group of people.

China’s recent ban on cryptocurrency mining and trading has touched a number of major bitcoin mining companies that are assembling their stores and moving their businesses offshore.

Although it is not yet illegal to own or buy and sell cryptocurrencies to other people, it is likely that regulations will be tightened to include this in the future.

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Meanwhile, Bitcoin enthusiasts like Lee continue to support Bitcoin, stating:

I am confident that the latter half of this year will bring Bitcoin back to over $65,000.

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

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