Bobby Lee, co-founder of the Chinese cryptocurrency exchange BTCC, and a board member at the Bitcoin Foundation, recently spoke about what he has been doing after his company shut down last fall.
Recently, the People’s Republic of China increased their regulations in the cryptocurrency sector up to a point where it banned ICOs and foreign exchanges. He said that China has the room to change their policies and they will when the time is ripe. He drew a parallel with the one-child policy which was eventually withdrawn. He further added that China is a mystery when it comes to policy making.
Lee was also noted saying that none of the big countries with the spotlight are getting it right in terms of regulations and policies with respect to cryptocurrency. Lee feels that the smaller countries with higher risks are the ones which are on the right path. The smaller nations are welcoming companies to set up a jurisdiction in their country. He feels that each country has a choice to make between a strong adoption approach or a more reserved wait-and-see approach.
Upon being asked about BTCC and his life post BTCC, he said that he has stayed on with the group after the acquisition as an advisor and helps them in planning some strategic projects. He said that this was his gap year and he is taking his time off by speaking at conferences and plans on participating in the Poker World Series this year in Las Vegas. Lee also wants to write a book on Bitcoin because he feels that people need an insider’s perspective to the whole market and this could be his way of explaining the impact of Bitcoin on the society, to the society.
Reiterating on the fact that Bitcoin isn’t a bubble because of its inherent utility, he said, “Bitcoin is very, very useful as a form of payment for people who are separated by distance or by time. Meaning that, if people want to send large or small amounts of money when they are geographically apart — usually long distances across time zones, across countries and jurisdictions — Bitcoin is a very efficient way to send value across, as long as both people value Bitcoin and understand that its market price varies.”
Lee also added that he is amazed by how the price of feeding the entire office with pizza has dropped down from 10,000 to just one Bitcoin.