Lee outlined challenges facing Bitcoin in the future

At London Blockchain Week, a packed crowd filled into the Grange Hotel to watch Bobby Lee, CEO and founder of Chinese exchange BTCC, take the stage.

Hopes that Lee might repeat his stunt from last year, in which he threw Bitcoins to the crowd, were immediately dashed*. Even so, Lee was there to issue a rallying cry for the cryptocurrency by giving a perspective of its challenges in the East, where “China is crazy about Bitcoin”.

See more: Lee says crypto running “amok” without regulation

The great 2017 Bull Run on Bitcoin may be showing signs of slipping, but Lee believes that we’re entering a period of sideways trading and small peaks and troughs – just like what he experienced in 2012, 2013 and 2014-15.

In each case, he said, the Chinese government has cracked down on the cryptocurrency but has failed to kill it off. Why? Because, Lee explained, Bitcoin was created to be inherently irrepressible and “impossible to shut down”.

Chinese regulators, he added, are an excellent proxy for what the rest of the world is about to do next, as they tend to follow China’s lead. So what can the world’s top cryptocurrency expect from wary governments in the future?

Related: Blockchain: Regulation is coming whether you like it or not

According to Lee, they will regulate exchanges, ban ICOs and token issuance, and implement stricter KYC rules. Finally they will limit transfers and start to levy taxes on Bitcoin investments. “This is how it’s been for five years, this is how it will be for the next five years,” he stated. Yet, he believes that those measures won’t stop the price rising even higher.

“Bitcoin’s value keeps going up not because of governments, but because of the inherent failures, limitations and inconveniences of the fiat monetary system,” Lee said. “The more money they print, the more value Bitcoin will have.”

*This reporter will forever regret taking his lunch break during that session.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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