Charlie Lee, the Founder of Litecoin [LTC] recently spoke about Bitcoin and its price fluctuations. He had earlier spoken about the sheer avenue that Bitcoin and Litecoin can take over and the latter’s lightning network and privacy.
During the interview with Crypto365, a YouTube channel, he was asked about Bitcoin’s price fluctuations and how the cryptocurrency can avoid the ‘purgatory’ that it was in right now. Lee went on to say that the price differences in a market as volatile as ours depend on various spending options and market factors.
He stated that the difficulty in price prediction is down to the sheer disparity between timelines. The Founder of Litecoin went on to say that sometimes the price can spike within six to seven months but there are also situations when the crypto enthusiasts have to wait years to see a positive blip on the charts.
At the time of writing, Bitcoin was enjoying a fairly bullish atmosphere, rising at 1.12%. The cryptocurrency was trading at $7322.33 with a market cap of $126.302 billion.
Charlie Lee was then asked about the adoption situation of Bitcoin and the price aspect in terms of the long and short run. He stated that when prices hold strong over extended periods of time, it acts as a positive indicator of the success of cryptocurrencies. In the short run, it does not really point to any major shift in sentiments as it can just be a sudden spike due to unforeseen circumstances, he added.
He also added that the prices of Bitcoin and Litecoin changes drastically and the speculation around it only seems to increase its myth. Lee said that the future holds promise for these coins and will show a successful implementation in the financial ecosystem. The computer whiz also stated that he does not regret selling off all his Litecoin and revealed that he had done so out of a conflict of interest.
Furthermore, he spoke about how users should not risk their assets while being a part of the cryptocurrency juggernaut and asked them to make smart decisions. He said:
“I think it’s it’s always good to buy on the way down… 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 like 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 spend some money buy some crypto it’s perfectly fine.”
Charlie Lee was confident that bigwigs in the crypto industry would sit down and formulate solutions for the problems plaguing the industry, scalability, and adoption being the major focus.
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