Bitcoin hit above $9,000 for the first time in more than a year this month after reports emerged Facebook Inc is due to launch its own cryptocurrency. Speaking to CNBC, Mr Lee said: “I think bitcoin is easily going to take out its all-time highs. We’re deep into a bull market, and people are pretty silent about it.”
Bitcoin saw its highest price before December 2017 when the cryptocurrency hit just under $20,000.
According to CoinDesk’s bitcoin price index, the world’s largest digital currency was at $9,233.06 at 11:30am on Thursday.
The price increased after Facebook announced the launch of its own cryptocurrency called Libra to take on the global dominance of bitcoin.
Mr Lee believes Facebook’s Libra will help to legitimise cryptocurrencies and give bitcoin further room to increase in value, with the potential for bitcoin to simply become a “reserve currency in crypto” in the future.
The cryptocurrency expert added: “The Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies.
“I think it really destroys those arguments that say, ‘I believe in blockchain, not bitcoin.’”
Libra will be managed by a large group of companies including Spotify, Uber and Vodafone.
The wallet, which will be available in WhatsApp and Facebook Messenger will eventually be able to pay bills, buy goods or use public transport.
David Marcus who started delving into blockchain at Facebook last year told The Sun: “Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem.”
Users would be able to send each other money as well and their account information from Calibra will not be shared with Facebook for ad targeting but will be used in “limited cases” to “keep people safe, comply with the law, and provide basic functionality to the people who use Calibra”, Facebook said.
But critics have warned about the safety issues involved in the cryptocurrency and warned it could be the most “dangerous form of surveillance” Facebook has ever devised.
Phil Chen, decentralised chief officer at Taiwanese electronics giant HTC, said: “If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information.
“This global coin is the most invasive and dangerous form of surveillance they have devised thus far. This will easily become the most dangerous antitrust case in history.”
Mr Chen concluded: “This project is the antithesis of bitcoin and is another step towards total control of data and users.”