Bitcoin could set you back 6 million Mexican pesos

Sep 21, 2022

Bobby Lee, co-founder of cryptocurrency exchange BTCC, stated that the Bitcoin 'bubble' is set to burst after reaching its peak. March 23, 2021 3 min read This short article was equated from our Spanish edition using AI innovations. Mistakes may exist due to this procedure. After analyzing the history of the development Bitcoin, cryptocurrency professional Bobby Lee has forecasted that the electronic money could reach $300,000 each (about 6 million Mexican pesos at the present exchange rate).

Nevertheless, he alerted that, after reaching its maximum peak, it will suffer a harsh fall, the damages of which will certainly be impactful for years. The co-founder and former CEO of cryptocurrency exchange BTCC anticipated that the Bitcoin "bubble" will certainly burst, triggering a long-term decrease. "Cycles of surge in the Bitcoin market occur every 4 years and this is a big one," discussed Lee, who is presently the CEO of Ballet, an app that works as a cryptocurrency wallet. "I believe it could really increase to more than $100,000 this summer," included the expert, in a meeting with CNBC. Connected: Millionaire accuses his child of being 'persuaded' by spending his whole lot of money in Bitcoin as well as intimidates to disinherit him In the last 8 years, there have been two of these "bull cycles," and the last one remained in 2017.

On that occasion, Bitcoin started the year with a rate close to $1,000, and shut at nearly $20,000. Is "Bitcoin winter months" coming? Bobby Lee described that Bitcoin "might decrease a great deal and that's when the bubble bursts." He clarified that, in the crypto possession industry, it is called "Bitcoin winter months" which it "can last 2 to 3 years." Taking into consideration that Bitcoin began 2021 trading at around $30,000 per unit, the professional forecasts that it can reach "even a worth 10 times greater than that.

" That is, the most popular cryptocurrency would reach $300,000, yet he cleared up that he is unsure that background repeats itself. In the first quarter of 2021 alone, Bitcoin has actually broken its very own records numerous times. At the beginning of March, it reached an all-time high, exceeding $60,000 per unit. Currently, the price of Bitcoin is around $55,000 (concerning 1,144,602 Mexican pesos), according to information from CoinDesk as well as CoinMarketCap. Chart revealing the habits of Bitcoin from December 23, 2020 to March 23, 2021.

Source: Regardless of its shocking growth, the "Bitcoin winter season" might affect the cryptocurrency for many years. Lee kept in mind that investors should realize that the worth of this digital property can fall 80% to 90% from its all-time top. "Bitcoin is very unstable, however the incentives are risk-adjusted, I believe," concluded the professional. Related: Do not let it happen to you! This guy lost $ 560,000 to Bitcoin rip-off on fake Elon Musk account

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