Litecoin founder recommends buying bitcoin in market downtrend
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Answer Litecoin founder recommends buying bitcoin in market downtrend
With the market continuing in a bearish cycle for months and many experts predicting the continuation of the downtrend for the price of Bitcoin, Charlie Lee – founder of Litecoin – says that buying Bitcoin at this time is still good.
This comment came in his interview with CNBC, where the founder of Litecoin stated that the decline in prices creates long-term investment opportunities for those who have money and can afford to lose it.
He added, “It is always a good idea to buy in a downtrend in batches to get a decent average purchase cost, as long as you are not investing money that you cannot afford to lose, I think it is a good opportunity.”Read:Many people buy the wrong APT coin before Aptos is listed…Apricot coin is taking advantage of the situation and is up 70%
The former engineer at Google and the Coinbase platform warned that individuals take out loans to invest in bitcoin, as it is very difficult to predict the price movement in the short term, and the investor must be able to wait in some cases to years.
Charlie stated: “I’ve spent seven years now in the world of crypto and cryptocurrency, and prices are very difficult to predict. Sometimes it can go back up in six months to a year, and sometimes it takes three or four years.”
The founder of Litecoin also pointed out that the prices of cryptocurrencies at the moment, reflect people’s interest in speculation, and in no way reflect the actual consumer adoption of the technology.
He added: “It is all about expectations these days, but in the future, the price will reflect the success of these projects, especially since there is a lot of adoption this year.”Read:Crypto startup hacks users’ accounts to save $13 million
The founder of Litecoin was asked if he would buy again Litecoin currencyHe stated, “I have sold all of my coins due to a conflict of interest, so I will not be buying Litecoin anytime soon or ever.”
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