Tianyu Yang and Bobby Lee
Tianyu Yang TEAMZ, Inc. CEO and Bobby Lee Founder and CEO of Baller

Bobby Lee AMA: Bitcoin and Ballet Wallet

May 11, 2020

Today, we hosted an AMA with Ballet CEO, Bobby Lee. The AMA took place in our official WeChat group. It was hosted by TEAMZ CEO Tianyu Yang.

Below are the questions and answers to the AMA.

Let’s Begin…

Tian: Thank you so much for coming tonight. Also thank you for joining Crypto Asia Summit—another online event held by TEAMZ ChainTalk from May 18-23. We’re looking forward to your speech in Crypto Asia Summit. What are you going to talk about? Could you let us know some key points?

Bobby: I’m happy to answer any questions the audience may have. Otherwise, I’d like to share my story of why I started Ballet, and what we plan to do for the cryptocurrency industry.

Tian: Before the establishment of BTC China, you were serving senior manager in some International companies such as Yahoo!. Did you plan to start your own business at that time?

Bobby: For the first 15 years of my professional career, I worked in large companies (Yahoo!, EMC, SMG BesTV, and Walmart), and I never had the chance to start my own business. The opportunity finally came in early 2013, when I got together with my co-founders of BTC China, to build China’s first Bitcoin exchange.

Tian: Look back to your experience: your previous career in big companies, joining BTC China, and creating Ballet. Which do you think is the most challenging one?

Bobby: Building BTC China was definitely very challenging, as there was no model to follow. We were just blazing a new trail, without any regulators understanding what we are doing.

Ballet has its own challenges, but it’s been a lot more fun, as we are actually creating products that will increase global adoption of Bitcoin. That’s super exciting.

Tian: About the cooperation management system, there’re many differences between American companies and Chinese companies, aren’t there! What’s your thought on that? Considering the fierce global competition, which management system you think will help company win the game?

Bobby: I’m not an expert in studying management styles between American companies and Chinese companies, but having worked in China for 13+ years, I do see the significant differences between them.

At Ballet, it’s mostly western management style. The most important aspects in our management culture is transparency, responsibility, and high quality.

We have built a great team so far, and I’m very proud of the work that they’ve done at Ballet.

Tian: We knew that you and Charlie Lee, founder of Litecoin, are brothers. Both of you are significant influencers in crypto currency industry. Will you two often hold different opinions on the current state and future trend of the space? The relationship between you is more like competitors or cooperation partners?

Bobby: Our view of crypto doesn’t diverge too much. We’re both very strong supporters of Bitcoin.

However, on a day-to-day basis, we work on different things, so it’s neither competition or cooperation.

Tian: People say BTC is the Digital Gold. Also, we know that you’re a royal BTC believer. Well, as a BTC believer, how do you see the future of Litecoin? Some says that LTC is the Digital Silver used for micropayments. Do you agree with this statement?

Bobby: I think Litecoin has its role in the digital currency ecosystem, mainly benefiting from fast payments.

However, to me, Bitcoin is the true investment asset class, and therefore it’s at a completely different level than all of the other cryptocurrencies and tokens. Bitcoin is in a class of its own.

Tian: Bobby you have started to pay a close attention on BTC from the very beginning. You are also one of the early BTC investors. How did you first know BTC and what made you dive into it? How has BTC changed your career and personal life?

Bobby: Charlie told me about Bitcoin in early 2011, and as a trained engineer and computer scientist, I found it fascinating.

We both were early investors of Gold, so we immediately understood the value of Bitcoin as a decentralized asset class, just like Gold.

Given its potential to become a true global currency that’s not controlled by anyone, we both thought it was worth investing in.

I started by mining Bitcoin during the summer of 2011 using graphics cards connected to a home-made PC running Linux.

And the rest is history: Bitcoin allowed me to launch a new career in 2013, and I’ve been in the crypto industry ever since, now on my startup company #2, Ballet.

and of course, as an early investor, I’ve made some good money as well.

Tian: The global market size of gold is about $8 trillion dollars. BTC’s market size is around $160 billion dollars, which is about 1/50 of gold. Do you think BTC‘s market size will overtake gold eventually? When and why? What we can do to make that happen?

Bobby: Absolutely! I’ve been saying this for several years now. Bitcoin will for sure exceed $8 trillion dollars of market worth.

However, by then, Gold will probably go even higher, to like $20 trillion dollars. I think Bitcoin will not only overtake Gold’s $8 trillion, it’ll one day overtake Gold completely.

So Bitcoin’s potential is actually much higher than $8 trillion, and I think it can easily top $20 trillion dollars one day.

Give it some 20 years, I think Bitcoin will surpass the value of all of Gold. And by then, based on today’s rate of money printing, that could easily be over $50 trillion dollars!

Tian: Due to the pandemic, governments are now conducting QE policies and printing money, which may lead to inflation. However, it’s said that BTC inflation rate will be reduced from current 3.6% to 1.8% after halving, which is lower than most central banks.
How do you think governments’ coronavirus stimulus package and halving will influence BTC price? What’s your prediction about price movement after halving?

Bobby: BTC prices will just continue to go up. It was already on a path to high prices, and now with more QE from central bankers as a fix-all response to the global pandemic, Bitcoin prices will just sky rocket in the next 10 years.

However, it’ll happen in slow motion…

This year, I think we could see BTC prices touch it’s historical high of $20,000. If it doesn’t happen by the end of this year, it’ll certainly happen by mid-2021.

And then, it’ll be the next FOMO rally, to set a new all-time high record, probably at the $100k to $250k level.

It’ll be amazing!

Buying BTC today below $10k will be like having the opportunity to buy BTC it below $100 back in 2013.

Tian: You once mentioned in an interview that BTC will reach $10, 0000 in 2 years and will eventually reach 1 million USD or even more. What’s your reason behind this prediction?

Bobby: Yes, I stand by those predictions. It’ll easily cross $100k, as that’s just five times the last peak from 2017.

Usually, the peak of a new all-time price rally would take it 10x or even 20x from the previous peak, so a 5x increase is quite conservative.

And then give it 2-3 more cycles after the next few block halvings, then it’ll easily hit $1 million per Bitcoin.

And then some 20 years later, I think it could go above $2 million.

This will all depend on how aggressively the central bankers behave, and see if they continue to print money like there’s no tomorrow.

Tian: After becoming CEO of BTC China, last year you established hardware wallet Ballet. We want to know why you went to develop hardware wallet after working for exchange?

Bobby: I actually sold BTCC in early 2018. (BTCC was the name of BTC China after our rebranding in 2015.) So I took it easy and took some time off during 2018 after selling the company, and then started Ballet in early 2019.

The mission for starting Ballet was to create a truly easy-to-use wallet, that’ll allow for true global mass adoption, at the level of billions of people.

Think about all of your non-crypto friends and family members… today’s wallets are just too hard for regular people to use! How many of your non-crypto friends and family can setup a Bitcoin wallet all by themselves?

Think of your standard desktop wallet, mobile wallet, or hardware wallet… How much time and knowledge do you need to set it up properly? and without making mistakes! It’s hard… very hard for most people.

The setup process for a cryptocurrency wallet is a huge barrier to entry for the millions and billions of people in this world.

Ballet solves this by giving users a secure wallet that does not require any setup at all. And since it’s a physical wallet, there’s nothing to backup, and all you need to do is to keep the Ballet wallet safe and not lose it.

Give it a try, and I believe all of you will then understand the significant progress we’ve made, to make it easy and enable cryptocurrency ownership for the global mass market.

Before you make a judgement about Ballet’s REAL Series wallet, please give it a try first!

Tian: Ballet has been doing pretty well in wallet market since establishment, can you share some of its achievements? What is Ballet’s advantage over other hardware wallet such as TREZOR,Ledger, Keepkey? How do you plan to expand market share?

Bobby: We’ve had some great achievements in the last 6 months. Most importantly, more and more users worldwide are using and trusting Ballet’s wallets.

Just last month, we announced that our wallets have exceeded $10 million in total deposits. The number is even higher now, and we hope to announce our next milestone soon!

The main advantage of Ballet wallets is that there is no setup needed to use the wallet.

We take care of the complex task of generating the private keys and setting up the deposit addresses for the wallet, allowing everyone in the world to have easy access to an advanced cold storage wallet, where they themselves control the private keys. This has never been possible before!

So we are catering to this invisible audience (millions and billions of people worldwide), who don’t have the technical aptitude to run open source software, to use natural & deep entropy, to generate their own private keys. We make this complex process easy for people.

All you need to do is take the Ballet REAL wallet out of the box, and use it! And if you just use the primary currency (like Bitcoin), you don’t even need the mobile app. Just scan the deposit address on the Ballet card, and you’re ready to receive Bitcoin transactions. Easy.

We’ve turned the storage of digital currency into a physical object, where people can easily carry it wherever they go, and it enables gifting of crypto without seeking permission and involvement by the recipient.

It’s a revolutionary and fresh approach to managing cryptocurrency, all done physically.

Tian: Apart from Ballet, what other new business movement you’re currently doing or plan to do?

Bobby: Nothing else! Ballet is my full-time job and I give it 100% of my attention.

Tian: The China-American relation is kind of intense this year, with COVID-19 making it even worse. What’s your thought on the intensified relations? How will it influence Crypto currency and blockchain industry?

Bobby: It’s just global politics, which is normal. I don’t think any of that will actually affect cryptocurrency in any good or bad way.

These days, the most important driver of cryptocurrency for most people is still the price.

And the biggest drivers of Bitcoin’s price is the continued money printing all over the world, and the continued crackdown by the banking industry on the individual’s freedom of their own money.

As more and more people realize, what drives Bitcoin’s usage and adoption in the world is how great it is to be able to use a digital currency to send value anywhere in the world, without anyone else controlling what you do.

That’s the ultimate value of Bitcoin. As the world wakes up to the controls & limitations of fiat money, and realize how it looses value so quickly, Bitcoin will be more and more in demand.

Message to Chinese Community

Tian: Thank you very much for joining ChainTalk AMA tonight. Last, what’s your takeaway message for our Chinese community?

Bobby: Keep investing and HODL! We’re in a slow-motion ride watching Bitcoin go to the moon.

Even though it’s very volatile, it’s nothing compared to what we will think when Bitcoin reaches USD $1 million. Imagine: we’re less than 1% there so far!

It’ll be awesome; so enjoy the ride, and don’t get off too early. Make sure you hold your Bitcoin investment for at least 10x return, and ideally 100x return.

And then don’t forget to also save some Bitcoin, to sell for at 1,000x return.

Laszlo Hanyecz, the Bitcoin Pizza guy, he forgot to HODL his Bitcoin.

Don’t make the same mistake!

Ballet is here:
https://www.balletcrypto.com/

Please follow me on Twitter also: @bobbyclee

Attendees Q&A session

Q. What is the critical success factors for any cryptocurrency?

Bobby: I think it’s about determination and running an operation well.
You need determination because the crypto industry operates in cycles, and the bear market winters are very tough.
You need strong operations because you cannot afford to make mistakes. Any mistakes can lead to large losses and disasters.

Q. Thank you for the great interview. I no you like poker. What is your favourite starting texas holdem hand?

Bobby: I like AK-suited and AQ-suited. and of course I also like AA, KK, and AK

Q. Is it possible for Bitcoin to replace gold in the future?

Bobby: For Bitcoin to succeed, it does NOT need to replace gold. In fact, if you think about it, Gold is a physical store of value, so it’s almost impossible for Bitcoin to replace it, while being a digital currency.

However, at Ballet, we are trying to make Bitcoin more like physical store of value, by creating the REAL Series wallets.


If you would like to join our WeChat group and participate in future AMA’s please follow these steps:

  1. Sign up to our Crypto Asia Summit online event.
  2. Join our Telegram group after signing up.
  3. Ask in the group to join our WeChat group.

Next week we will have a new guest. Can you guess?

5/5

If you liked the article you can share it on the following social networks

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
Share on email