Litecoin’s Charlie Lee Talks Buying Bitcoin at Lower Prices Before the Next Bull Run
Litecoin Director and Founder Optimistic About Future Crypto Success Despite Current Low Prices
Although crypto prices might have seemingly bit the dust over the last few months, some optimists are deciding to overlook the price considerations and focus instead on the development and adoption of the crypto space. This optimism was recently displayed when Litecoin Director and Founder, Charlie Lee, appeared on Fast Money, the favorite CNBC show. This television show is known for focusing on price hikes and short term-predictions, but the Litecoin creator offered another positive long-term perspective of the crypto sector.
Will Bitcoin Surpass $20,000?
The Fast Money show started its cryptography segment by asking Charlie Lee to give a prediction of when he thinks Bitcoin will surpass its all-time peak value of $20,000. The experienced computer scientist responded that although he has been working in the crypto space for nearly a decade, he still could not accurately predict bitcoin prices. He added that the Bitcoin rates could normalize anywhere from six months to one year or even take longer.
Impact of market prices on crypto adoption and network performance
Melissa Lee, the CNBC host running the interview, then asked the Litecoin CEO whether the current crypto prices signify the viability or adoption of digital assets. Lee pointed out that while costs represent how strong an asset is, the short-term price hikes do not mean a lot when it comes to technological growth, viability or network performance. He also said that while crypto adoption rates were rising in most industries, most altcoins like Litecoin and Bitcoin still had a dramatic fall in prices of more than 70%.
This explanation by Charlie Lee clearly outlines the problem with speculating on crypto prices. The best way to value systems, goods or services should be through the network performance, instead of trader irrationality which only lasts for a short term. The Litecoin creator added that once cryptocurrencies become less volatile in future, there will be minimal speculation and the prices will become a direct reflection of the success and adoption of the altcoins.
During the television interview, Charlie was asked to comment on if the current price decline was a chance for long-term investment. Charlie Lee responded to this by saying that the best time to buy altcoins is when the prices are going downwards. He stated that the only bad investment was putting up your house mortgage to buy a coin only to see the altcoin value dropping significantly. He recommended that coin holders should solely invest reasonable amounts of money that they can bear to lose.
Charlie Lee also talked about the upcoming Litecoin conference where he wants the community to emphasize the adoption, technology, and scaling opportunities. With the prices currently low, it is an excellent time for creators to sit down and optimize things like sidechains, Lightning network and other activities that will help Litecoin and Bitcoin to scale effectively.