And with that, Bobby Lee, the CEO of China’s oldest cryptocurrency exchange BTCC, launched into a scheduled speech extolling the virtues of bitcoin. Coming at the end of day one of the two-day technical conference Scaling Bitcoin last weekend, the talk amounted to a pep rally largely aimed at classical bitcoin bogeymen – the state, ICO scammers and those who don’t get it.
But while he was speaking to just a few hundred of the foremost technical experts on the subject, it’s ironically those in the wider world who Lee might have been better off addressing in his full remarks.
“Bitcoin’s value does not come from the endorsement, acceptance or regulation from governments. Bitcoin’s value comes from the inherent failures, limitations and inconveniences of the fiat money system,” Lee said in a tone befitting a grade school science teacher.
From there, he proceeded to defend the price of bitcoin – up more than 600 percent on the year – not as a bubble, but as evidence the protocol is proving its utility as the best way to hold value in the digital age.
Far from being tepid about the market, Lee argued those who have been on the fence should invest in bitcoin today, telling the crowd: […]