The founder of the Ballet app and the former CEO of the BTC China crypto exchange, Bobby Lee, in an interview with Bloomberg TV, noted signs of a recovery in bitcoin after the 2022 crypto winter.
“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
“It has been like this for a long time. Cryptocurrency has these four-year cycles […] and now we are almost back. It looks inspiring,” said the industry veteran.
According to Lee, amid the banking crisis, digital currencies have demonstrated the qualities of safe-haven assets.
“People have begun to realize that their money in the bank is not necessarily in place. Institutions lend these funds to other enterprises and firms,” he said.
Cryptocurrencies like bitcoin provide the possibility of self-storage and complete control over resources, the head of Ballet emphasized.
He also commented on the regulatory framework for financial markets in the US, calling it “the most mature and established regulatory regime.” According to Li, oversight agencies like SEC after a decade of calls for tougher policies regarding the crypto industry, they changed it to a more favorable one.
The founder of China’s oldest bitcoin exchange was enthusiastic about the adoption of digital asset regulations in Hong Kong. In his opinion, the decisions of the authorities of both jurisdictions demonstrate a global shift towards the recognition of cryptocurrencies.
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