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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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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