Ballet CEO Bobby Lee said that while China is developing the digital yuan, they are not interested in cryptocurrency and have no plans to develop the industry.
Bobby Lee is often referred to as Bitcoin’s maximalist. The man has already had clashes with the Chinese government. It was during his time at the very first cryptocurrency exchange in China, BTCChina.
“China wants to regulate cryptocurrencies to achieve its main goal of globalizing the digital yuan.”
Back in 2017, China began tightening its grip on the cryptocurrency market. Ballet CEO believes that the Chinese authorities do not care about the cryptocurrency ecosystem.
“I am very afraid that in 4-5 years the country may completely ban this cryptocurrency.”
The Chinese authorities are imposing a ban on mining and trade in order to persuade citizens to actively participate in high-risk investments.
“Bitcoin is not a direct competitor to the digital yuan. I don’t think the cryptocurrency industry will suffer from China’s pullback, ”said Bobby Lee.
Bitcoin maximalist hopes that many Fortune 500 companies will follow the lead of Elon Musk’s Tesla and start buying more cryptocurrencies that they have in their portfolio.
If China completely prohibits cryptocurrency and bitcoin, this will not please many people and will cause a wave of outrage.