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Bobby Lee, BTCCs co-founder and CEO recently tweeted a bitcoin price prediction, which is between $5,000 and $11,000 by 2020, after the block reward halving. The entrepreneur, who regularly makes predictions, also stated the daily inflow would scale accordingly from the current $2 million a day level, up to $5-$10 million a day.

Bobby Lee also reminded his 5,600 Twitter followers his medium-term price target for bitcoin is of, well, $5,600. There was, however, no mention of how long it will take bitcoin to reach that value. Later on, Lee also said that a $5-$10 million daily inflow isnt a lot. He compared it to golds inflow of $340 million a day.

The CEOs enthusiastic bitcoin price prediction comes after BTCC, one of Chinas biggest bitcoin exchanges, suspended bitcoin and litecoin withdrawals until March 15, in order to introduce new security requirements and comply with requests from the Peoples Bank of China (PBOC). Recently, Chinas big 3 bitcoin exchanges enforced a suspension of cryptocurrency withdrawals, and in response, traders turned to peer-to-peer marketplace LocalBitcoins.

As reported by CryptoCoinsNews, LocalBitcoins recently recorded a global all-time high, as Chinas trading volume surged in response to the exchanges decision. Its worth mentioning LocalBitcoins is blocked in China, as it uses Googles reCAPTCHA system, so users need to use a VPN to access the platform.

In the past,the CEO has addressed bitcoinsfuture in a positive way, by urging to community to scale responsibly and to be patient, so as to focus on maintaining bitcoin as a reliable digital asset. His upbeat attitude hasnt changed with time, as tough times for bitcoin in China never seem to have bothered him that much. He also sees bitcoins low volatility as a sign of maturity, just alike a few other experts, as bitcoin needs low volatility in order to maintain its growth and stability

Positivity is always welcomed in the bitcoin community. PBOCs interference with bitcoin has taken a toll on the cryptocurrencys value in the past, as it even forced HaoBTC, a prominent bitcoin company, to shut down its exchange. Nevertheless, bitcoin recently bounced back and managed to go beyond its new all-time high.

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BTCC CEO Lee Pegs Bitcoin Price Between $5000 and $11000 by 2020 - CryptoCoinsNews