The cryptocurrency space is essentially one of the most dynamic markets out there, and it has seen its fair share of ups and downs for us to say that. The $60K mark in the value of the Bitcoin is one of the highly anticipated milestones in the future of cryptocurrency.
While some experts believe that it is not going to hit the mark anytime soon, many others are of the view that we will see the value of Bitcoin touching $60K and going beyond it in the coming years.
One of the most prominent voices in favor of Bitcoin achieving the milestone soon is that of Bobby Lee, who is the co-founder of the BTCC exchange, and also Charlie Lee‘s brother. In a recent statement on Twitter, Bobby has claimed that this will be a huge milestone for $BTC, which will reciprocate to an increased stability in price, and hence a higher rate of adoption for the cryptocurrency across the world.
In his own words, “When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle”.
So what can we understand?
Bobby further explains his optimistic prediction, and calls it “simple maths”. An important consequence of this event lies in the fact that once the Bitcoin crosses the psychological barrier, people will begin to appreciate the true value of the currency, and will take it as a serious business. This will act as a major catalyst towards the global expansion and popularity of the crypto currency. While it is universally accepted that the predictions, especially in the field of crypto currencies, are nothing more than intelligent guesses, Bobby has made this one sound almost like a certainty. This is more or less a part of his strategy to project himself as a bull in the market, as against many others who are posing as bears.
As one would expect, the bears of the market, that are the people who are pessimistic about the prospects of Bitcoin, have slammed Bobby Lee and his claims, tagging them to be shallow and vague. To the criticism, Bobby responded with a series of tweets, “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 in electricity costs”. He further added that all of it can be traced back to the liquidity needs of the market, and if the daily demand of the crypto currency goes beyond $54 million a day, prices will most definitely move up.
While the battle between the optimists and the pessimists of the market continues, it is up to the buyers whether they show trust in Bitcoin, or dump it. The behavior of the prospective buyers will largely determine the fate of the crypto currency.