Litecoin founder Charlie Lee discussed the bitcoin crash and crypto’s future on CNBC today.
Charlie said that he believes in long-term success of cryptocurrency, but short-term doesn’t really tell much. Despite so much adoption in Bitcoin and Litecoin the price have dropped like 60-70%. It’s all about speculation these days as markets are extremely volatile, but in the future the price will reflect the success of these coins.
Regarding Litcoins he sold Charlie Lee stated,
“For me I sold because of conflict so I’m not going to buy back or pick up my coins anytime soon or at all, but I think it’s always good to buy on the way down average dollar cost.”
Charlie Lee recommends to buy some coins as long as you don’t spend money that you can’t afford to lose. “As long as people can afford to spend some money that’s perfectly fine.” he said.
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While markets are focused on prices Charlie asks cryptocummunity to stop for a minute and focus on technology, on adoption options and also how to scale so things like Lightning Network or side chains helping Bitcoin.
“Whilst price currently depressed it’s actually a good time to get stuff done and that’s what I sent to pass fast food markets.”