Keeping up with its trend of major ups and downs, cryptocurrency, this time Litecoin, pioneered by Charlie Lee, took a nose dive when its value dropped largely in the recent months after having a place in the top 5 positions on the crypto leaderboard.
WHEN WILL THE MARKET BOUNCE?
In an interview with CNBC, Mr. Lee made it evident that the future of his brainchild, Litecoin, is uncertain because according to his 7 years’ experience in the field, “Sometimes it comes back within 6 months, sometimes it takes around 3 or 4 years so it’s hard to say.”
Volatility, a never-ending phenomenon for the crypto market, plays a major role once again when it comes to interpreting the meaning of the prices of the cryptocurrencies. According to the founder of Litecoin, Charlie Lee, prices signal the success level of the cryptocurrency but only in the long run. In the short-run, “It doesn’t really tell us much,” hence, it’s all about speculation in the crypto market these days due to the volatile nature of the market.
Will Charlie buy back his Litecoin?
In December 2017, Lee sold all his Litecoin holdings due to a “conflict of interest.” When asked to give advice on whether people should see this low price of Litecoins as an opportunity to buy this currency, Charlie Lee answered with a conditional yes, with the condition being that people must be able to afford to buy the cryptocurrency because “that’s really bad for people who mortgage their house, put all their money in a coin and watch it drop like 80%.” Moreover, he was categorically denied any plans to buy back the litecoins he sold, cheaper.
Upcoming Litecoin Summit
With the Litecoin Summit being held on the 14th and 15th September, Mr. Lee expects people to take away something beneficial from it such as focusing on adoption. Moreover, with the price currently depressed, he feels that the people should take advantage of this market condition and “get their stuff done.”