Litecoin’s Charlie Lee on the Crypto Bear Markets
Litecoin (LTC) creator Charlie Lee has dismissed short-term price trends as the upshot of “speculation,” stressing that long-term valuation is a truer measure of crypto’s success, in a CNBC interview August 27.
When asked to what extent price is a meaningful metric for a given cryptocurrency, and whether or not it reflects the current state of its network, adoption, or viability, Lee responded that:
“In the long-term, [price] tells us the success of cryptocurrencies, but short-term it doesn’t really tell us much. For example this year, there’s been so much adoption in Bitcoin and Litecoin, but their price has dropped 60-70 percent. It’s because it’s so volatile, it’s all about speculation these days, but in the future the price will reflect the success of the currencies.”
Lee noted that it was “hard to predict” when 2018’s bear market would turn, saying that having been in…