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Charlie Lee, LTC Founder, Explains Why He Sold All His Litecoin

Charlie Lee, LTC Founder, Explains Why He Sold All His Litecoin

Charlie Lee, LTC founder, says that cryptocurrency is still flourishing in terms of general public adoption even in a bear market. He was recently in an interview with CBCB’s Fast Money and he explained why the current market value is the way it is- bearish, even though people are using and integrating crypto into their lives:

“I think in terms of the long term it tells us the success of cryptocurrency. In the short term it doesn’t really tell us much. For example, this year there’s been so much adoption in Bitcoin and Litecoin, but the price has dropped like 60-70%. 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 cryptocurrencies.”

He’s since sold all of his Litecoin in 2017 to avoid any conflict of interest and to eliminate bias as much as possible. he also says he won’t be buying LTC anytime soon. Lee then touches over the subject on whether or not it’s a good time to invest in LTC. He believes that it’s a good time to buy when the market dips in the volatile market as long as you can afford it. Lee concludes with what he thinks developers and investors should be interested in:

“For me, I sold because of conflict of interest, so I’m not going to buy back my Litecoins anytime soon – or at all. But I think it’s always good to buy on the way down to dollar-cost average your buy-in. That’s what I would recommend people to do. 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 mortgage their house, put all their money into a coin and then watch it drop like 80%. But as long as you can afford to, I’d say spending some money on crypto is perfectly fine.”

“I’d like people to focus on technology, on adoption, and also how to scale. So things like lightning network, or sidechains helping Bitcoin and Litecoin scale, I’d like to see more talk around that. And I think with the price currently depressed, it’s actually a good time for people to actually sit down and have their head down and actually work and get stuff done. And that’s what I’ve seen in the past few bear markets, actually.”

Lee still believes int eh power of LTC and seems to have no setbacks even in the current bearish setup- whether or not it involves his own coin he created or a competitor.

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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