Crypto Veteran Bobby Lee Reveals His Bitcoin Price Floor, Says Industry Bad Actors Should Be ‘Flushed Out’
Crypto industry veteran Bobby Lee says bad actors who are ignorant of regulation need to be removed from the market.
In a new interview with Bloomberg Markets Asia on Yahoo Finance, Lee, co-founder of Hong Kong-based crypto exchange BTCC, reveals what price he expects Bitcoin (BTC) to bottom out at the end of the bear market.
“[Bitcoin] has crashed to below $16,000. In the past I have said it will probably go to $15,000. Given the scale of the FTX breakout, it could go down to $13,000 or even touch $10,000. It’s going to be a very, very drastic crash. There has to be more bad news to come out.
As we know in the market, in the last week or so, we are looking at the problems of Genesis, one of the main brokers in the crypto market. So if something bad happens to that, or if something bad happens to the USDT stablecoin, there could be much worse prices in a matter of weeks.”
Lee says as a young industry, many kinks still need to be worked out, including a lack of regulations and many bad actors. He says it’s good that the FTX collapse happened now instead of a few years into the future.
“The crypto market is cyclical, just like any other market. And these bad actors – and I’m talking about FTX and these exchanges that are not well run due to lack of regulation and regulatory arbitrage – these bad actors have to be flushed out. This is again, this is a very, very young market. Crypto exchanges have been around for about 10 years. And for a global asset class, 10 years is just a moment. So we need more regulation globally and it will take decades for this market to mature.
We have just completed our first decade. We are now in our second decade. And in a way it’s good that the FTX thing happened now as opposed to a few years later. You could argue that it has already happened too late. It’s already in the billions of dollars in losses and things like that. But if the problems had not come up, if it had continued to roll for a few more years, it could have been worse in four, five, 10 years.
So we just have to get past this early stage of amateurs in crypto.”
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Featured image: Shutterstock/Mia Stendal/Konstantin Faraktinov
