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.
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.
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My name is Dennis Sahlström, I have been trading and investing since 2012 and have since June 2017 made between 3-6% a month. I have been watching the crypto market since the beginning of 2017 and saw the great returns a lot of people had gotten. I thought I needed to do my research! Since then I have been studying the crypto market and realised the great potential Blockchain have. Some say it’s internet 3.0 we are looking at and I am sure its here to stay. It is already changing industries and the world. Also, I am running a crypto education platform because I think people should educate themselves about the opportunities we have in front of us.