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Bobby Lee: Bitcoin Set to Surpass $60K, its “Simple Math”
Editorial Team

Bobby Lee, Charlie Lee’s brother and co-founder of the BTCC exchange recently issued a series of tweets regarding his sentiment about the bullish run of Bitcoin.

On Friday afternoon, Lee revealed he expects that Bitcoin price is to skyrocket to $60,000 “in the coming years,” with a total capitalization to surpass $1 trillion,

He said:

“That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide.”

This declaration alludes to the fact that $1 trillion will be a crucial mental hurdle for Bitcoin to cross, as once it does, “nocoiners” may start to see that this asset class holds true value.

Lee manages to make his prediction sounds like a certainty rather than a forecast. While he accepted a lot of criticism from Bitcoin pessimist regarding the shallowness of his prediction, the BTCC executive later issued a series of tweets to justify it.

Lee first brought up the idea of mining and Bitcoin’s next halving, referencing his seven years of experience in the industry. He wrote:

“When I started in 2011, daily global output (new BTC x price) was at $36,000. In 2015, this went to $1.8m. Today, we are at $12m. It means that globally, hash power keeps going up, using up to $12m electricity costs.”

Lee went on to note that if the Bitcoin Network’s hash rate continues to grow non-linearly, coupled with 2020’s block reward halving (900 BTC/Day), Bitcoin price will be skyrocketed. Doing some napkin math, he noted that if the Bitcoin miners use up $54 million worth of electricity a day, Bitcoin could easily see the $60,000 price level that he mentioned earlier.

He continued saying that it is explained by the liquidity needs of this market, noting that if Bitcoin’s daily demand eclipses $54 million a day, prices will reach or even surpass $60,000. For him, this is “simple math” case.

Surprisingly, he did not mention to altcoins, so it remains to be seen if he holds this bullish prediction for the over 1,800 other crypto assets that are actively traded today.

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