INTERVIEW 'Cyberattacks prove Bitcoin's value': BTCC CEO

BTCC CEO Bobby Lee poses after an interview with The Korea Times on the sidelines of the RISE 2017 conference at the Hong Kong Convention Center, Tuesday. / Korea Times photo by Park Jae-hyuk

Bobby Lee denies Bloomberg’s pessimism on Bitcoin

By Park Jae-hyuk

HONG KONG ─ A recent cyberattack against Bithumb, the largest cryptocurrency exchange in Korea, proved the value of Bitcoin, BTCC CEO Bobby Lee said in an interview with The Korea Times on the sidelines of the RISE 2017 conference in Hong Kong, Tuesday.

“Criminals are attracted to steal value. Theft of Bitcoin currency is no different than theft of any other asset,” said the co-founder of the world’s longest-running Bitcoin exchange. “No one steals airline miles, credit cards or hotel reward points.”

Lee said hackers’ demands for Bitcoin as ransom also resulted from its value, including its anonymity.

At the same time, however, he stressed Bitcoin itself is not an illegal currency, just like cash isn’t illegal.

“When the internet first came to town, people were skeptical of its various dangers. They were even reluctant to buy anything on the internet,” the entrepreneur said. “Digital currencies have only been here a few years, so it’s normal people are skeptical of it.”

He, as a technologist, predicted the bright future of Bitcoin, expecting the value of 1 Bitcoin will surpass 1 million dollars. Although most of Bitcoin has already been mined, he said it does not mean its value will decrease.

“It will get there in not much time. When people and society truly understand the value of digital currency, its value will go up. The price will not increase in a linear straight line. Normally, it will go up in a curve,” the CEO said.

He also refuted Bloomberg’s report earlier this week that Bitcoin may face a civil war over changes in software. He said the term “civil war” is far from the reality of the industry.

“The majority of the industry has already decided to accept a proposal called SegWit2x, which will start being deployed on July 21,” he said. “My company BTCC and many other companies in China and around the world are fully behind it.”

For these reasons, Lee said he will continue to focus on Bitcoin-related business. BTCC has begun to deal with various types of cryptocurrency, including Ethereum Classic and Lightcoin. The chief executive denied their rivalry because each has specific roles in the market.

He added that governments around the world should set new laws and regulations on Bitcoin for people to clearly understand it. Korea and most countries have yet to accept Bitcoin as a currency.

“We’re eager for Bitcoin to gain greater acceptance worldwide,” Lee said. “In part, the governments should have stronger and clearer regulations on Bitcoin.”

Founded in 2011, BTCC has grown into one of three Bitcoin exchanges in China, which transacts the largest volume of the cryptocurrency.