- “As long as you can afford to, I’d say that spending some money to buy some crypto is perfectly fine,” Lee’s advice to investors.
- Charlie Lee said that in spite of the declining crypto prices, he has no intentions of buying back his coins.
The founder of Litecoin, the 7th largest digital asset by market capitalization Charlie Lee was recently on CNBC where called out to investors and cryptocurrency enthusiasts to focus more on adoption and technology growth as opposed to the prices of cryptocurrencies. Lee said that “It’s hard to predict [crypto] prices.” He went ahead to say that he has been in the industry for at least 7 months and “sometimes it takes six months to a year” for digital assets to see a recovery. While responding to a question of what the prices of cryptocurrencies communicate to users, Charlie Lee said:
“In the short-term, [crypto prices] don’t really tell us much…for example, this year, there has been so much adoption in bitcoin and litecoin, but the prices have dropped like 60-70%. So, I think it’s because it’s so volatile…it’s all about speculation these days. But in the future, the prices will reflect the success of the [crypto] currencies.”
Charlie Lee also said that he has no plans to buy back the Litecoin (LTC) coins he sold stating that the reason he sold them was because of “conflict of interest.” The former director of engineering at Coinbase reckoned that:
“It’s always good to buy [crypto] on the way down to the dollar cost average or your buy-in. That’s what I would recommend people to do.”
Lee also advised investors to put the funds they are willing to lose in cryptos, “As long as you don’t spend money that you cannot afford to lose, [then] I think that’s fine.” He went ahead to point out instances where people have invested “all their money into a coin, and [then] watched its price drop like 80%.” He continued:
“As long as you can afford to, I’d say that spending some money to buy some crypto is perfectly fine.”
In regards to his expectations for the Litecoin Summit on September 14, Charlie Lee said that:
“I want people to focus on technologies, on [crypto] adoption, and on how to [effectively] scale [blockchain networks].”
Litecoin price technical overview
At the time of press Litecoin is trading at $61.46 after breaking above the resistance at $60.00. The digital asset has embarked on a journey of breaking barriers on the upside. The immediate resistance is at $62.00 but the buyers have their eyes on $64.00. On the flipside, there is a support at $58.00 and $56.00. Both the 50 SMA and the 100 SMA will also offer support at $58.34 and $57.77 respectively.
LTC/USD 1-hour chart
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