Bitcoin advocate and Ballet CEO Bobby Lee recently discussed the implications of China’s ongoing crackdown on cryptocurrency. Despite the government’s support for a digital renminbi, Lee suggested that Beijing has no interest in nurturing the cryptocurrency industry. Considering his collisions with the Chinese government during his stint in running China’s first crypto exchange BTCChina, Lee said, “China wants to regulate cryptocurrencies to achieve its overarching goal of globalization of digital RMB.”
“Chinese government is not looking after the vast crypto exosystem.”
Bobby Lee further stated that the Chinese government is not looking after the vast crypto exosystem that exists in the region. Stressing on the wait-and-see approach, Lee highlighted that 2017 marked the start of increased regulatory scrutiny, and at this pace, “I do fear that in 4-5 years, the country might outright ban it (cryptocurrency).” The recent ban on crypto mining and related trading by China seems to be aimed at deterring citizens from getting involved in high-risk investments, given the boom in trading volumes.
Bitcoin is not a direct competition to the digital yuan.
Bobby Lee further said, “Bitcoin is not a direct competition to the digital yuan. I don’t think that the cryptocurrency industry will suffer from China’s pullback.” Bitcoin’s decentralized global network has led Lee to believe that China’s stance in accepting or banning cryptocurrency will not affect the bitcoin or crypto market in the long run. To help viewers make sense of Elon Musk’s recent move towards Bitcoin adoption at Tesla, Bobby Lee hopes to see more Fortune 500 companies in 2021 add more Bitcoin and cryptocurrency holdings to their current portfolio. Earlier, Elon Musk revealed that SpaceX also owns bitcoin.