Big, firm believer of Bitcoin, Bobby Lee, unfazed by recent bear market for cryptocurrencies
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Credit: Steemit - tysler
Bobby Lee, co-founder of BTCC, spoke at Blockshow Asia 2018 held at the Marina Bay Sands Ballroom, Singapore on 29th November 2018 about the impact of Bitcoin's appearance in our society today.
Lee spoke about how fiat currencies today have lost most of its value over the decades, particularly the US Dollar, which has lost 90 percent of its value due to inflation. In light of Bitcoin's limited supply of 21 million coins, we are looking at financial freedom and a truly digital asset.
Also discussed earlier on my Steemit post, https://steemit.com/bitcoin/@tysler/bitcoin-s-inflation-rate-will-drop-below-2-percent
Bitcoin's inflation rate will drop below 2 percent by 2020, and through the course of time, reveal its true value as compared to fiat currencies.
Even though overcoming tremendous hurdles in the past decade, Bitcoin continues to gain approval of the government. Albeit struggles with strict regulations in China and Bolivia, Lee has noticed that the suppression of Bitcoin is real.
Bitcoin has proven to be successful in countries with unstable national fiat currencies. However the people with limited access to high-speed internet also do not have access to Bitcoin.
Lee is unfazed by the current bear market for Bitcoin, while prices have dipped drastically below $3,700 over the past week. He would not be surprised if Bitcoin hits below $3,000 as he tweeted:
We are down >30% from $6,500 levels a few weeks ago. Selling momentum (panic?) has slowed & we’re bottoming out for this round. But I wouldn’t be surprised if $BTC eventually hits $3,000.
Most ppl want to wait, to buy in at cheaper prices, but they would risk missing the bottom?
Source: Twitter
Importantly, we should make informed decisions as HODLers as opposed to the average retail investor who follows trends blindly. Lee also pointed out that HODL should continue until 20x or 100x return.
-tysler
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Gmail: tysler.steemit
Hi @tysler
I dont understand why people keep mentioning limited supply of Bitcoin. Most people trade fiat to BTC to be able to purchase their fav altcoins.
And if you summarize all supply of altcoins, and if you will keep in mind that there are new altcoins every single month - then it's easy to come to conclusion that supply in crypto space has absolutely no limits.
Bitcoin is being mined every day for next .. how many years? Other altcoins as well. Supply is growing every day.
Imagine that USD would be printed non stop for many years ahead. very day. And all other world currencies would be also printed every single day. Plus each month you would have more and more fiat currencies out there (also printed on daily basis). Isn't almost the same?
I really would like to know what's your view. Am I wrong?
Yours
Piotr
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Hi @crypto.piotr,
I am trying to address the issue of inflation here, in monetary terms. The trouble with printing money non stop "depreciates" the actual value of the money. That means fiat currencies lose value over time.
As for Bitcoin, the protocol has set to mine to a limit of 21 million BTCs. Less and less Bitcoin is mined every time a new BTC block is created on the chain. This is not true for some altcoins, because the supply defined in the protocol is not limited.
So Bitcoin here is a special case, much more similar to the real gold. Because we know that the total amount of gold in this world is limited, it is valuable and rare. More people want to store their money as Bitcoin as the value of 1 BTC is always from a total of 21M BTCs.
But fiat which is printed more and more, have to go through a printing and "burning" phase to make sure that the overall supply of the paper money does not increase too quickly. For example, increasing at a rate of 3% (inflation) every year.
Hope that helps you to understand more about inflation :)
-tysler
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Thank you for taking an effort to share your knowledge with me @tysler
I truly appreciate it a lot.
ps.
I was lately wondering: what do you think could potentially happend if most altcoins would start shutting down (very likely scenario) and dying? That would cause panic sell of those altcoins which in theory means that investors will have to trade them to BTC. That could possibly increase demand for bitcoin. Do I make any sense? :)
Cheers
Piotr
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nice event. keep us update on the highlights.
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Bitcoin will more popular in the future. Thanks for this post.
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Can payment with #Nexty is instant and tx fee is zero.
Nexty has proven to be much better than its competitors as other Cryptocurrencies have issues of transaction speed and processing as compared to Nexty.
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