The founder of Litecoin has said that he has no plans to buy back his litecoins despite the fact that the altcoin is currently trading at $60.
Future Price Will Reflect Success of Crypto
Charlie Lee, the creator of Litecoin and former director of engineering at Coinbase, was speaking on CNBC’s Fast Money when he made his comments.
During the interview, Lee spoke about Bitcoin and its future. He refrained from projecting a price for Bitcoin, stating that “it’s hard to predict prices.” When it comes to what the value tells us regarding adoption and viability, Lee explained that:
In terms of long-term, it tells us the success of cryptocurrency, but short-term, it doesn’t really tell us much. For example, this year, there has been so much adoption in Bitcoin and Litecoin, but the price has dropped 60-70%. I think it’s because it’s so volatile, it’s about speculation these days, but in the future, the price will reflect the success of cryptocurrencies.
Aside from talking about Bitcoin, Lee also touched upon Litecoin. At the time of publishing, the seventh-placed altcoin is trading at $60, according to CoinMarketCap. In the last 24 hours, it has risen by over four percent. In seven days, it has increased by nearly nine percent.
Litecoin creator Charlie Lee says he wouldn't buy back his #litecoin. Here's why. pic.twitter.com/ghZSHq1VMb
— CNBC's Fast Money (@CNBCFastMoney) August 27, 2018
At its peak in mid-December, it was priced at $360. However, despite this “reprieve in price,” Lee has no interest in buying back his litecoins. He says:
For me, I sold because of conflict of interest, so I’m not going to buy back my Litecoin any time soon or at all. I think it’s always good to buy on the way down to average dollar cost or your buy in. That’s what I would recommend people to do. As long as you don’t spend money you can’t afford to lose, I think that’s fine. I think it’s really bad for people who mortgage their house, put all their money into a coin, and then watch it drop like 80%.”
Litecoin Summit
During the interview, Lee also spoke about what he expects from Litecoin’s first summit between September 14th-15th, giving a people the chance to learn more about the altcoin.
This included people focusing on technology, adoption, and learning how to scale with the aid of the Lightning Network or sidechains. He added that with market prices down, this was the time for people to get their heads together to get things done.
Do you think Lee is right not to buy back his litecoins? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@CNBCFastMoney.