2021 is "that special year," crypto entrepreneur Bobby Lee of Ballet and the author of The Promise of Bitcoin, told CNBC interviewers on Monday.
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"No one saw it coming, but last year Bitcoin was trading at barely $10,000 … with the bull market, it could go up to over $100,000 this summer," Lee said.
"Bitcoin entered 2021 at $30,000, so even just 10X that would be $300,000," Lee said, referring to what he calls a "mega bull market."
Video: Reuters
"We know Bitcoin bull cycles come every three or four years, and this is a big one," he said.
When asked if such a spike in value could also be called a "bubble," Lee said that downturns in the value of Bitcoin following peaks were known as "Bitcoin winters" and inevitably followed bull markets for the crypto currency.
Lee warned that the currency is "very volatile" and can lose up to 80% of its value after an "all-time peak."
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