Charlie Lee, who is the creator and the main guy behind Litecoin, is apparently aware of the bear market that is happening right now. He also predicts that the Bitcoin price would test its all-time high in 2018 and the flagship cryptocurrency is still a good buy.
In an interview with CNBC, Lee said that the drop-off in prices created an excellent investment opportunity for the long-term bulls who have cash-in-hand that they can afford to lose.
As he said:
“It’s always good to buy on the way down to dollar-cost average your buy-in. As long as you don’t spend money that you can’t afford to lose, I think that’s fine.”
Lee is a former Google and Coinbase engineer that was cautioned against using borrowed funds to invest in Bitcoin. However, he is confident that it is incredibly difficult to predict short-term price movements and that bear markets can (sometimes) last for years.
As he stated:
“It’s hard to predict prices. I’ve been in this space for seven years now. I think sometimes it comes back within six months to a year, and sometimes it takes three or four years.”
Lee also said that right now, the cryptocurrency prices reflect speculative interest and not actual consumer adoption.
“It’s all about speculation these days, but, in the future, the price will reflect the success of the currencies,” he said, adding that there has been a bit of adoption this year even with the downward price trend.
Lee is also known for selling all of his LTC back in December, citing the conflict of interest:
“I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”
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