Bobby Lee Signals a ‘Spring’ for Bitcoin

Bobby Lee, founder of the Ballet wallet app and former CEO of the BTC China cryptocurrency exchange, said in an interview with Bloomberg TV that Bitcoin was showing signs of recovery after the crypto-winter of 2022.

“We’re seeing signs of a Spring for Bitcoin,” says Bobby Lee, founder and chief executive officer at crypto wallet firm Ballet https://t.co/BeQH1bXxrG pic.twitter.com/k6nx9psC4H

— Bloomberg TV (@BloombergTV) April 17, 2023

“This has always been the case. Cryptocurrencies follow these four-year cycles […] and we are almost back to full strength. It looks inspiring,” said the industry veteran.

In Lee’s view, amid the banking crisis, digital currencies have demonstrated the qualities of safe-haven assets.

“People began to understand that their money in the bank does not necessarily stay there. Institutions lend these funds to other enterprises and firms,” he noted.

Cryptocurrencies such as Bitcoin provide the ability to custody assets independently and to exercise full control over one’s resources, the head of Ballet emphasised.

He also commented on the regulatory framework for the US financial markets, calling it “the most mature and established regulatory regime.” In Lee’s assessment, oversight bodies like the SEC after a decade of calls to tighten crypto-industry policy have moved it to a more favourable regime.

The founder of the oldest Chinese Bitcoin exchange welcomed the adoption of regulatory rules for digital assets in Hong Kong. In his view, the authorities’ decisions in both jurisdictions signal a global shift toward broader recognition of cryptocurrencies.

Analysts at Glassnode noted the end of the bear phase for Bitcoin.