Crypto pioneer Bobby Lee expects more regulatory pressures against bitcoin in China, including the possibility of an outright ban.

Bobby Lee, founder of China’s first bitcoin exchange BTC China which was sold in 2017, said he expects more regulatory pressures in the coming months against crypto bourses in the nation. 

«I think there will be a few more announcements coming up in the next few months that'll really stop all the exchanges in their tracks in China,» Lee said in a «Bloomberg» interview.

«So unfortunately trading crypto will be a thing of the past, once you get past this year. And in a way, it's a good thing for crypto because in my heart, I always knew that Bitcoin's success never depended on China. Just like it doesn't depend on any one country, any one group of people.»

Full Ban

Despite headlines about the ongoing crypto crackdown, it is still legal today to own bitcoin in China and trade it amongst friends and strangers but not through platforms or businesses. 

«I think there's a few more things they could do. China knows that it still has many companies, exchanges operating in China. So the government could kick them out. I heard rumors that they might be doing that soon if not already,» Lee explained.

«The final straw would be something like banning cryptocurrency altogether. We've heard over the years that China has banned Bitcoin, technically that's not true. I put the odds at 50-50.» 

Miner Advice

To miners, Lee advised that those with capital equipment should sell as he expects their value to fall over time.

He also noted that China’s mining crackdown didn’t actually differentiate clean and unclean energy. 

«So to me, that's a sign that it wasn't about the cleanliness of the mining, but rather is more of a higher level sort of perspective about financial stability for the country,» he said. 

Bitcoin Forecast

But despite the potential ban, Lee remains positive on the price outlook for bitcoin, forecasting a recovery beyond $65,000 to $250,000 later this year before entering a bear cycle next year with a 50-80 percent correction from the all-time high.

«I think Bitcoin will have its bull cycle every three or four years in the coming years. I expect Bitcoin to pass US$1 million, US$2 million easily in the next 10-15 years,» he said. 

«In fact the next cycle I predict to be in the year 2024 or 2025, and that's when Bitcoin will cross US$500,000 and might even touch US$1 million.»