Crypto industry veteran Bobby Lee says bad actors who ignore regulation should 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 does Bitcoin expect (BTC) until bottoming out at the end of the bear market.
“[Bitcoin] it has plummeted to under $16,000. Earlier, I said that it will probably go up to $15,000. Given the magnitude of the FTX burst, it could go as low as $13,000 or even touch $10,000. It’s going to be a very, very drastic shock. There has to be more bad news coming 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 cryptocurrency market. So if something bad happens with that or if something bad happens with the USDT stablecoin, then there could be much worse prices in a few weeks.”
Lee says that as a young industry, many problems still need to be resolved, including a lack of regulations and many bad actors. He says it’s a good thing that the FTX collapse happened now and not a few years from now.
“The crypto market is cyclical, like any other market. And these bad actors, and I’m talking about FTX and these exchanges that don’t perform well due to lack of regulation and regulation arbitrage, these bad actors need to be removed. 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 the blink of an eye. So we need more regulation globally and this market will take decades to mature.
We have just finished our first decade. We are now in our second decade. And in a way, it’s a good thing that the FTX thing happened now instead of a few years later. It could be argued that it happened too late. He’s already in billions of dollars in losses and things like that. But if the problems hadn’t arisen, if it had kept going for a few more years, it might have been worse in four, five, or ten years.
So we have to get past this initial amateurish stage in crypto.”
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