China was suspected of wanting to completely ban bitcoin

Bobby Lee, one of the first crypto billionaires in China and the founder of the BTC China crypto exchange, says that he does not rule out the possibility of the Chinese authorities introducing a complete ban on the storage of bitcoin and other cryptocurrencies.

In his interview, Lee noted that the Chinese authorities have declared war on bitcoin due to their unwillingness to deal with an unregulated financial instrument. Lee also advised miners to sell their hardware before it dropped dramatically.

At the same time, the entrepreneur is still optimistic about the future of bitcoin. Lee believes that the rate of the most popular cryptocurrency in the current year can grow to $250 thousand, and by 2025 – to one million dollars. The billionaire stressed that Bitcoin's success has never depended on China or any other country.

Recall that in mid-July, the bitcoin rate fell below $30 thousand. A similar dynamic was associated with news from China, which banned large financial institutions in the country from conducting operations with cryptocurrency. However, then the cryptocurrency rate recovered and approached $40 thousand amid growing interest in the asset from Elon Musk, Katie Wood and Amazon.