The founder of Litecoin, Charlie Lee said in an interview that he firmly believes that the crypto market is going to start its bull run very soon.
During the interview with the CNBC host Melissa Lee, the creator of Litecoin discussed the topics of Bithumb and the problems in the crypto exchange area of the industry.
In his opinion, the hacks do not represent a direct factor in the decline in prices. He added that it is normal for the traders to become doubtful towards an exchange, but this does not have any impact on the cryptocurrency market.
“It doesn’t really change the fundamentals of Bitcoin, Litecoin, and other cryptocurrencies…if a bank gets broken into does that affect the price of gold?”
Another interesting statement made by Lee was the comparison between traditional investors and the crypto investors. In his opinion, the crypto traders are entirely responsible for the safety of their investments, while the conventional investors are not burdened with the security management of their assert. He also added that it is common sense not to leave the assets on an exchange.
Regarding Bitcoin, Charlie Lee said that he is thrilled with this year’s technological advancements, namely with the lightning networks. He said that the new technology would take the cryptocurrency market out of the “bearish zone.”
“Technically Bitcoin has gotten stronger and stronger over the past few years where developers are working hard on getting the second layer solution for payments working on bitcoin and litecoin… that’s been going on really well.”
Lee also said that he thinks that the price of Bitcoin and the market as a whole will adjust itself in the future since the technology behind it has started to improve.
“ …The price has dropped like 60%-70% over the past year, but the price seems kind of disjointed from the actual development of bitcoin and cryptocurrencies…Over time I think the price will adjust. I believe we’re in the bear market right now, but I have faith that the price will rebound fairly soon.”
At one point in the interview he was asked how long he thinks this bear market will last:
“It’s really hard to say. Could be a 3 to 4-year bear market or it could recover tomorrow.”
However, following this statement, Lee said that the Tether (USDT) legitimacy audit has helped in changing the market sentiment. He believes that by debunking the false accusations regarding USDT’s legitimacy the crypto community and the investors have realized that the price of Bitcoin was not faked in 2017, but it was indeed based on “real demand.”
Yesterday a cryptocurrency futures trading platform from the UK announced the launching of Litecoin Future Contracts. Charlie Lee declared at that time that the cryptocurrency is going to become available for more institutional investors and that the futures could increase LTC’s liquidity.
— CNBC's Fast Money (@CNBCFastMoney) June 20, 2018