The recent breakthrough of the $30,000 price level has already been taken as the first real sign of the coming crypto spring. Bitcoin and cryptocurrency experts are already placing their bets on the next possible price movement.
In an interview to Bloomberg Television, Bobby Lee expressed his positive forecasts for the cryptocurrency market.
“We’re finally seeing the signs of potential spring, getting out of the winter. It’s been a long time. Crypto has these four-year cycles of ‘bull market – bear market.’ And for a good part of last year, we’ve seen the bear market take Bitcoin down to as low as $16,000. And now we’ve almost recovered a little bit. It’s almost doubled, recently peaked at $31,000.”
Bobby Lee is one of the pioneers in the global cryptocurrency market. He co-founded China’s first bitcoin exchange, which is now the longest running and one of the largest in the world, BTCC. Today, he’s the founder and CEO of the Ballet crypto wallet company.
Problems of the traditional banking system
The situation of the traditional banking system is a growing cause for concern. In early March 2023, Silicon Valley and Silvergate banks collapsed, after which four major banks in the US lost more than $52.3 billion in market value. This led to a significant downward trend in cryptocurrencies, but this was quickly overcome and we’re seeing an upward trend in the market today. The situation in traditional banking is still far from recovery.
Bobby Lee talked about the reality in traditional banking and what people should understand about it:
“If their money is in the bank, it’s not necessarily always there because the money is being lent to other businesses and companies.”
Basically, putting money in the bank is not the same as putting money in security. Banks guarantee the circulation of money, which is good for the global economy, but banks are not protected from risky actions that lead to significant money losses. When trading cryptocurrencies, people can actually be their own bank and can hold themselves without having any third-party or counterparty risk.
Bobby Lee also noted that cryptocurrencies:
“Should be considered a safe haven in the sense that it is very different from the tradition of fiat money and fractional reserve banking.”
Experts call for wisdom and action
Robert Kiyosaki, a famous American entrepreneur and author of financial textbooks, recently warned of a highly probable economic crisis of massive proportions, probably bigger than any crisis we have seen before. He encourages people to invest in precious metals like gold and silver and bitcoin to protect themselves from inflation and save their savings.
Source: Read Full Article