Bitcoin

Litecoin Creator Charlie Lee Says That Even Though We Are In a Bear Market, You Should Buy Bitcoin

Litecoin Creator Charlie Lee Says That Even Though We Are In a Bear Market, You Should Buy Bitcoin

During 2018, we have undoubtedly been in a bear market, but Charlie Lee still thinks that the flagship cryptocurrency, Bitcoin (BTC), still is a good buy.

A few months ago, the Litecoin creator and former director of engineering at Coinbase, Charlie Lee stated that he would step away from Litecoin in the future. Lee explained that for the goal of true decentralization to be achieved, it was a requirement that he step back as the face of Litecoin.

Now, this has become a reality, and Lee explained in a recent interview that he finally sold all his Litecoins (LTC) because of conflict of interest. He confirms that he will not be buying the coin back any time soon or at all.

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He also says that it is very difficult to give any price targets for the market and that it sometimes takes a few months, but it could also take a few years for the price to recover. Lee says:

“It’s hard to predict prices. I’ve been in this space for seven years now. I think sometimes it comes back within six months to a year, and sometimes it takes three or four years.” He continued by explaining that it is all about speculation these days, but, in the future, the price will reflect the success of the currencies

When asked about the adoption of the blockchain he tells CNBC that the adoption is very positive for cryptocurrencies long-term, but the price does not reflect the adoption. Short term it is all about speculation and the true value is not reflected in the price.

“Bitcoin is just in its early stages of growth, and new highs will come” – Charlie Lee

The question remains, should we buy cryptocurrencies in a bear market? Charlie thinks so, but only if it is money you can afford to lose and that Bitcoin is a good buy since it is one of the more stable coins. It is really bad though if people mortgage their house and buy cryptos to see them drop 70%.

“It’s always good to buy on the way down to dollar-cost average your buy-in,” he said. “As long as you don’t spend money that you can’t afford to lose, I think that’s fine.

The cryptocurrency market has now been in a bear cycle for more than two-thirds of the past year, and, as August prepares to roll in September, predictions from past months that the Bitcoin price would test its all-time high in 2018 appear less and less likely. During bear markets, Lee sums up the interview up by saying that bear markets are good opportunities for people to study and learn more about the projects and then be ready for when the tide turns.

Image Source: “Flickr”

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Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.