Interviewed live on BTCManager’s Around the Block, hosted by Jefferson Nunn, Ballet CEO Bobby Lee provided a more profound analysis of the current Bitcoin state affairs. The episode gave insight on Bitcoin’s rally over the past year and predictions for its future price. The former BTCC CEO also touched on other cryptocurrencies, majorly Ethereum.
Behind the Massive Bitcoin Rally
According to Bobby Lee, the Bitcoin rally was somewhat expected. Even he had predicted this rally two and a half years ago, in 2018, saying that the Bitcoin prices would start picking up again at the end of 2020 and then a breakthrough in 2021. Categorizing the Bitcoin market as bullish, Bobby said that it is headed to the moon, and we’re not even there yet.
There are only 2.1 million bitcoins unevenly distributed across top exchanges. Since only a specific number of bitcoin can be mined, it makes it scarce. Hence, it’s the world’s only asset class with an actual upper limit to how much is available.
It is also decentralized, and no one is in charge. The two points go hand in hand. After all, you can’t enforce a limit if someone’s in order because someone is in control, and they can change the rules and add more coins down the road. So those are the two fundamental reasons why Bobby thinks Bitcoin is a fantastic investment opportunity of a lifetime.
The podcast also mentioned Cassium coins. They were invented by Michael Caldwell in early 2011, which makes him the father of all physical Bitcoins. And back then, the coins were just worth pennies or dollars, so it’s very affordable and very cheap.
These days, that very same token with one Bitcoin is well worth over $50,000, maybe even $60,000 with collectors’ premium on it. However, he did not make more Cassium coins ever since.
Bobby Lee also mentioned that he recently invested in Ethereum and Litecoin. Ethereum, he says, is very different from Bitcoin. Bitcoin was created as money as sound money, as digital money, this peer-to-peer decentralized. And Ethereum was designed more as a computing platform for smart contracts.
Ethereum has been very successful over the years, most recently four years ago with the ICO issuing tokens, ERC 20 tokens, and more recently, issuing NFT’s. The crypto space and the world, in general, have been going nuts over NFTs this year and the trend only seems to fuel up as time goes on.
The challenge is that Ethereum has become so popular, and hence congested. In response, a lot of alternatives have come on board, including the Binance Smart Chain. Binance Smart Chain is trying to steal away some of the traffic in terms of the coins, tokens, and stablecoins as smart contracts function.
Bobby, towards the end, advised that people should consider investing in Bitcoin. However, he stated that interested parties should not put all their money in it; certainly, 1% or 2% will be reasonable.