Litecoin’s Charlie Lee speaks on Bitcoin crash & reveals about LTC buying plans
Litecoin founder, Charlie Lee, is known to be fond of Bitcoin (BTC). In fact, he has previously even advised people to buy Bitcoin before any other cryptocurrencies. In a recent chat with CNBC, he was asked to speak on Bitcoin crash where he shared his view and also revealed about Litecoin (LTC) buying plans.
Citing the current state of BTC, Lee was asked when he thinks Bitcoin (BTC) will reach its past highs again. “It's hard to predict prices, I've been in this space for 7 years now...sometimes it comes back within six months...sometimes it takes like three or four years," Lee said, "it's kind of hard to say."
Lee on what does BTC price or other crypto price tell us
A very crucial question which might have crossed the minds of the people in the crypto world at least once was answered by the Litecoin founder. For people in the crypto-verse, the prices are really important but what does it actually imply – adoption rate or viability or something else?
Charlie Lee explained it by saying, “I think, in terms of long-term, it tells us of the success of the cryptocurrency but in short-term, it doesn't tell us much.” He further added, “For example, this year there has been so much adoption in Bitcoin and Litecoin but the prices have dropped like 60-70%. So, I think it's because it's so volatile, it's all about speculation these days. But, in the future, the price will reflect the success of the cryptocurrencies.”
Will Charlie Lee buy Litecoin (LTC) again?
While speaking with Chinese website Jinse.com in July, Lee said that the decision to sell his Litecoins were more of a relief. He further added that he took the decision after contemplating it for almost two weeks. In fact, the step actually eliminated the biased opinions, giving him the chance to delve deep on the development of Litecoin.
He said, “…it was less than two weeks in consideration. After selling it, I feel that there is no pressure … Because at that time I will also publish some predictions about the movement of the Litecoin market, but it always feels a bit strange.”
This time while speaking with CNBC, Lee confirmed that he is not planning to buy back his Litecoins (LTC). He said, "For me I sold (LTC) because of conflict of interest, so, I'm not going to buy back my Litecoins anytime soon or at all." He mentioned about it when he was asked if the decline in price is to be considered as a good buying opportunity. He added, "…It's always good to buy on the way down to average dollar cost average you're buying... that's what I'll recommend people to do and as long as you don't spend money that you can't afford to lose, I think that's fine. I think, it's really bad for people who like mortgage their house, put all their money into a coin and then watch it drop like 80%.”
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