Bitcoin will surpass gold by market value and cost over $500 000 in 9 years - Bobby Lee

• Bobby Lee expects that BTC will cost $500,000 by 2028.
• The current recovery of BTC/USD is capped Abu SMA200 daily.

One bitcoin will half a million dollars by 2028, according to Bobby Lee, the co-founder and the former CEO of China's lowest cryptocurrency exchange BTCC.

"Gold is at about $8 trillion today, which is 50x the worth of bitcoin. I predict the flippening will happen within 9 years and $BTC will shoot up past USD $500,000. And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million!" he wrote recently on his Twitter account.

 He based his forecast on the deficit structure of  Bitcoin. As the supply decreases over time, the price of the asset inevitably grows, provided that the demand increases or stays unchanged. 

"Bitcoin was designed to be SUPER valuable over time. First 10 yrs, there were only 2 block reward halvings, but the next 10 years, there‘ll be 3 (that’s 50% more)! By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than gold!" he explained. 

This theory echoes the findings of other popular analysts that expect BTC stellar growth ahead or after halving.

Meanwhile, at the time of writing, BTC/USD is changing hands marginally above $9,000. The first digital coin has recovered from the recent low of $8,668 and hit $9,150 during early Asian hours. BTC/USD gained 4% within a matter of hours, driven by technical factors.  

Specifically, SMA50 (Simple Moving Average) on a daily chart stopped the sell-off and served as a jumping-off ground for BTC. However, the recovery was short-lived.  The price has moved below the middle line of the daily Bollinger Band (currently at $8,950) to $8,685 by press time.