On 22 December 2022, crypto entrepreneur Bobby Lee, who is the brother of Litecoin creator Charlie Lee, shared his thoughts on the crypto market.
Lee told CNBC:
“I think it’s going to be pretty bearish for the next year or two... Personally, I predict the bull market will come back in probably two years’ time. Certainly, by late 2024, it will be two years from right now, and certainly by early 2025... But time will tell. It’s hard to pin down exactly when this bear market will bottom out...
“We’re definitely in the bear market after the FTX collapse last month. All of crypto has really come down a lot. Bitcoin has held itself relatively steady... It only has come down to 10-20% and the rest of crypto has gone down 50%. A lot of the crypto tokens have gone down much much lower.“
“[Bitcoin] has crashed down to below $16,000. Previously, I’ve said that it will probably go to $15,000. Given the magnitude of the FTX blow-up, it could go down to $13,000 or even touch $10,000. That’s going to be a very, very drastic crash. There has to be more bad news to come out…
“As we know in the market, in the last week or so, we’re looking at the troubles of Genesis, one of the prime brokers in the crypto market. So if something bad happens with that or if something bad happens with the USDT stablecoin, then could see much worse prices coming up in a few weeks.”
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