15 Feb 2014 / RT – Exchange glitches, arrests, government crackdowns, and volatility haven’t been able to stop people wanting to get their hands on the bitcoin, and the CEO of BTC China Bobby Lee told RT the bitcoin revolution will be bigger than the Internet.
“I think over the next 25 years, we will see bitcoin evolve and become more mature. It will be a wild ride, it will be exciting,” Lee told RT at the “Inside Bitcoins: The Future of Virtual Currency” conference in Berlin.
Lee is optimistic bitcoin isn’t just a fad and will resist recent setbacks.
“So that’s what’s amazing about bitcoin, it’s truly a global phenomenon, very resilient and the reason it is resilient is because many people want to buy into it. Whenever the price dips, we see people sitting on the sidelines eager to buy.”
The value of bitcoin has always been volatile, but dropped below $500 after one of the world’s largest exchanges, Mt. Gox, experienced a major glitch that forced it to temporarily halt withdrawals.
Lee likens the glitches to the early years of the Internet, and like the internet, the uses for bitcoin will evolve over time, saying that when the internet was only 5 years old (the same age as bitcoin) it was met with negative skepticism and very little media coverage.
“It’s like the Internet. The reality is that internet penetration is a lot higher than it was 10-20 years ago,” said Lee.
Bitcoin is very much a product of its time and can only be used by those internet savvy enough to either “mine” the currency through a series of logarithms or track down a buyer….. Read more
