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Bitcoin Always Viewed for Investment and Not Spending in China: Lee

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September 18, 2019 | 

905 Views | 

Darryn Pollock | 

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China has had a difficult relationship with Bitcoin, the major cryptocurrency by market cap. Its government has shown that it is not a fan of its decentralized nature and has slammed its expansion, and the growth of the general cryptocurrency ecosystem ,with a number of harline rules. 

However, before that came to be, Bitcoin was championed heavily by the citizens of China with major mining pools and transaction spends coming from the country. It was one of the first super powers of the cryptocurrency space, but that was not because of its ability to be used as a currency, rather it was because the coin was an investable asset in the eyes of the chinese. 

This is according to one man who has vast experience in the cryptocurrency space, and even more so in the Chinese market. Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system. Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast.

It makes sense that the Chinese sentiment revolves around the option of Bitocin being an accrued asset, but what is interesting to note is the government crackdown was more because of its power to be used as a global currency out of the control of the central bank.

Still, Chinese investors are now finding it far harder to be a part of any sort of Bitcoin ecosystem in the country, yet, the nature of the coin does make it possible to be anonymous and hold onto coins. 

Lee’s insights were of course prices based on his experience, but the veteran also expanded on his entrance into the space from a small hiatus. 

A Wallet for everyone

Lee’s re-entry into the cryptocurrency space came with the announcement that he had developed a hardware wallet to challenge with the small group of companies that have currently cornered the market. 

His latest crypto venture, a hardware wallet dubbed Ballet, was launched this month

“Ballet is the culmination of my experience [...] I led the [BTCC] exchange, I led the mining pool, we produced mobile wallets. Under the BTCC brand, we launched the production of physical bitcoins. As part of the Ballet project, we are developing an innovative solution that, we hope, will be the simplest and most convenient in the world - the most reliable hardware wallet,” he said on the podcast. 

Lee said that the reason behind this wallet was because the average “non-geek” users such as himself are not terribly fluent in digital security. He noted:

“They don’t know how to correctly set a strong password [...] they don’t know what two-factor authentication is, how to work with firmware, security updates, etc. They hardly understand how to log in, not to mention 2SA and SMS verification.”

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