Litecoin Creator Charlie Lee Recommends Buying Bitcoin in Bear Market

[sid021sp]

The cryptocurrency market has now been in a bear cycle for more than two-thirds of the past year, and, as August prepares to roll in September, predictions from past months that the bitcoin price would test its all-time high in 2018 appear less and less likely.

However, even after this prolonged decline, Litecoin creator Charlie Lee says that the flagship cryptocurrency is still a good buy.

Speaking with CNBC, Lee said that the dropoff in prices has created an excellent investment opportunity for long-term bulls who have cash-in-hand that they can afford to lose.

“It’s always good to buy on the way down to dollar-cost average your buy-in,” he said. “As long as you don’t spend money that you can’t afford to lose, I think that’s fine.

The former Google and Coinbase engineer cautioned against using borrowed funds to invest in bitcoin, a practice that became disturbingly common during last year’s fevered Q4 rally, noting that it’s incredibly difficult to predict short-term price movements and bear markets can in some cases endure for years.

He said:

Quote

 

“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 further noted that, at present, cryptocurrency prices primarily reflect speculative interest, 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 quite a bit of adoption this year even as prices have waned.

However, when asked if he would be buying back into litecoin (he sold all his LTC back in December, citing a conflict of interest in having the ability to swap price movements with his public statements), Lee said no:

“I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”

Source :- https://www.ccn.com/litecoin-creator-charlie-lee-recommends-buying-bitcoin-in-bear-market/

[athena2007]

The former Google and Coinbase engineer cautioned against using borrowed funds to invest in bitcoin but he has stated that buy what you can afford to lose which we all know that but the greed factor comes into play aswell.

He said that even with the decline in price the main coin BTC is still a great investment you just have to ride the waves till u get the top which you are happy with .

He actually sold all his litecoins in December 2017.. due to conflict of interests.

Me i like litecoin and will stash some for the future .

Do you save some litecoins on the side and what do you preceive the coin will reach in the future ?.. i mean all of us will have some BTC that goes without saying as its the leader of the pack....

Source: https://www.ccn.com/litecoin-creator-charlie-lee-recommends-buying-bitcoin-in-bear-market/

 

[hakai]

 

wow maybe i will play stake to busted my bitcoin

[Kate]

Nice to hear that Charlie Lee is taking an adoption of btc than ltc. 

[wry]

15 hours ago, sid021sp said:

However, when asked if he would be buying back into litecoin (he sold all his LTC back in December, citing a conflict of interest in having the ability to swap price movements with his public statements), Lee said no:

“I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”

He did a great job selling at the top!  Maybe it was because of conflict of interest concerns or maybe he just wanted to sell and not panic the market but selling ALL his LTC in December was an amazing market call.  I hope he's right about Bitcoin moving up now, but I don't sense the conviction.