China is suspected of wanting to completely ban bitcoin One | Top DeFi

China is suspected of wanting to completely ban bitcoin

One of China's first crypto-billionaires and founder of the crypto exchange BTC China, Bobby Li, suspected the Chinese authorities of wanting to completely ban the storage of bitcoin and other digital currencies. He said this in an interview with Bloomberg.

"The last straw would be something like a complete ban on cryptocurrencies. I estimate the odds are 50-50," Li noted. He believes Chinese authorities have declared war on bitcoin because they do not want to deal with an unregulated financial product. Li also advised miners to sell their equipment before it gets too cheap.

However, the entrepreneur is still optimistic about the future of bitcoin. Lee believes that the rate of the most popular cryptocurrency may grow to $250,000 this year and to one million dollars by 2025. Bitcoin's success has never depended on China or any other country, the crypto-billionaire stressed.