BITCOIN might have taken a hit in recent weeks, but one cryptocurrency expert has no doubts that the digital currency will rebound - and then some.
Bitcoin's price could hit above $1 million dollars in the next 20 years, Bobby Lee, CEO of China’s first bitcoin exchange said.
Speaking exclusively to Express.co.uk at London Blockchain Week, Bobby Lee, the co-founder of BTCC, said: “Bitcoin, I think will get to $1 million per bitcoin.
“Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000.
“Half a million, that’s going to be a milestone and then eventually it will cross $1 million for bitcoin.”
Asked how long it would take to hit the million mark, Lee said: “Within 20 years, really within 20 years.”
Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.
Its popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.
But not everyone is as enthusiastic about bitcoin’s future as Lee, billionaire business mogul Warren Buffett warned earlier this month that bitcoin and other cryptocurrencies are “certain” to end badly.
Bitcoin climbed 2.95 percent to $11,089.94 at 20:36 in London, according to coindesk.com
Ripple rose 2.06 percent to $1.36 at 20:36 in London and ethereum fell 1.08 percent to $992.68 at 20:37 in London.
Bobby Lee also said BITCOIN and other cryptocurrencies could be held by everyone, in five or ten years time.
Bitcoin and the cryptocurrency craze is just the next step in the evolution of assets, like bank accounts and real estate, the co-founder of BTCC revealed.
Speaking exclusively to Express.co.uk at London Blockchain Week, Lee said it could only be five years before everybody owns bitcoin.
He said: “I think in five years, ten years crypto will be much more pervasive.
“I think people in all walks of life in society will own crypto the way people have bank accounts.
“The way people participate in the transportation system, they own cars or they own real estate or they own stocks or they hold foreign currencies.
“For many people wealth is not just in paper money but they have their holding and assets in other asset classes and I think that’s how it’s going to be.”