BTCC chief expects bitcoin’s price to reach $11K in 2020

Bitcoin has yet to show any sign of dropping below its all-time highs, and if executives are to be believed, this trend will continue until 2020.

By that time, BTC China co-founder and CEO Bobby Lee expects the price of the popular digital currency to reach between $5,000 and $11,000. Lee, who frequently makes predictions about the bitcoin, tweeted early this week: “Bitcoin price target in 2020; after block halving: USD $5l-$11k assuming $5-$10 million daily flow into #BTC by then. (Today: $2m daily in).”

The entrepreneur also made a note that his “medium-term” price target for the digital currency is $5,600, which, incidentally, is also the number of his followers on Twitter. However, Lee pointed out that bitcoin’s daily inflow, currently between $5 million and $10 million, isn’t a lot, especially when compared to gold’s inflow of $340 million a day.

Lee’s bitcoin price predictions comes several days after BTC China, considered one of China’s ‘Big 3’ bitcoin exchanges, extended the suspension of bitcoin and litecoin withdrawals until March 15 while it upgrades its internal system and comply with the requirements recently set by the People’s Bank of China.