Bobby Lee, the co-founder of BTCChina and one of the most notable people in the blockchain has said that the Bitcoin will become a permanent fixture of humanity just like electricity. He also said that the crypto revolution is irreversible. He made these prophecies while tweeting about the current G20 conference.
#Electricity has clearly become a permanent fixture of humanity.
The #Internet is also becoming a permanent fixture of humanity.
I predict that #Bitcoin also, will become a permanent fixture of humanity.
— Bobby Lee (@bobbyclee) December 4, 2018
The BTCChina co-founder is not concerned about current Bitcoin fall. According to Bobby Lee, the market is in the short-term recovery phase and this is the best time to buy when the market is down/crashing.
When is a good time to buy Bitcoin?
According to the BTCChina cofounder, if people want to feel good then they can buy when prices rise fast and when everyone is happy. But in this, people have to pay high prices. However, if they want low prices then they should buy when the market is down/crashing. He tweeted :
When is a good time to buy #Bitcoin?🤔
If you want to FEEL GOOD, buy it when prices rise fast, when everyone is happy. This is #FOMO, so you’re paying high prices.
However, if you want LOW PRICES, then you have to buy when the market is down/crashing. Not fun & can feel lonely!
— Bobby Lee (@bobbyclee) December 4, 2018
In other words, Bobby Lee is supporting the concept of keeping Bitcoin as an asset with long-term benefit aka HODLing, in contrast with using it as a contemplative tool for a swift profit. He said
I fully believe that Bitcoin will become a permanent fixture of humanity, just like electricity and the Internet. (Just, unfortunately, it’ll take decades for people to realize that.)
He further elaborated that Bitcoin is reliable money and countries should embrace it because the current money system is falling apart! He also thinks that the many problems in this world today are actually because of bad monetary policies such as
- Unchecked money printing -> Fiscal abuse
- Deficit spending -> Higher debts
- High debt servicing (interest) costs
- Need higher government revenue through ever-higher taxes
- Lower standards of living!
He also stated that governments worldwide are having a difficult time adapting to the certainty of a world with Bitcoin and that is why they are losing their firm hold on money, which historically, has been in their complete command. He said that because of Bitcoin, money can now truly belong to the people. He had also tweeted in the past the most common mistakes people do while investing Bitcoin.
Most common mistakes with #Bitcoin investing:
1) Indecisive to buy
2) Not buying enough
3) Sell after small gain
4) Sell during panic crash
— Bobby Lee (@bobbyclee) September 16, 2017
Not only this, Bobby Lee then went on to describe the advantages of Bitcoin’s P2P technology called Blockchain. According to him, it is one of the soundest practices of maintaining records preserved and permanent in today’s hacking-prone world. Lastly, Bobby went on to declare the greatness of decentralized networks and how Bitcoin is a game-changer since it is not controlled/maintained by any particular government or centralized administration.
Meanwhile, Bitcoin is gradually gaining from the current lows. According to Coinlib, it is trading above $3,900 at the time of writing, earning 2.1% since the commencement of Tuesday.
Bobby Lee further said that
I wonder if @G20org World Leaders actually realize that they do face a real common enemy now? With Bitcoin soon turning 10, national governments are slowly but surely losing their monopoly & ability to issue (fiat) money. It’s slow at first but this Bitcoin revolution is irreversible.
G20 Countries and Cryptocurrencies
Meanwhile, G20 countries have displayed their plan to start acting on a solution to the matter of cryptocurrency taxation and regulation. The countries have agreed to regulate cryptocurrencies at G20 conference, which took place in Buenos Aires. The joint declaration was signed by all G20 countries on Saturday. They admitted that the modern multilateral trading regularity is falling short of its objectives and established fundamental reform of the World Trade Organization.
The document signed by the G20 countries confirmed that significant improvement is needed for the digitalization of the global economy. According to the document, G20 has allowed a governing strategy in line with FATF standards.
The G20 countries are also thinking about a clear and flexible monetary policy, indoctrinated in accepted global standards. It is important to encourage sustainable growth. The G20 countries also stated that they remain dedicated to the complete, up-to-date and uniform implementation and finalization of the accepted financial reformation program, and the evaluation of its consequences.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.