One of the cryptocurrency creators that had an early foresight on what cryptocurrencies will be to the world in the nearer future is Charlie lee, the former Google engineer who also worked with Coinbase, before leaving the later to focus on his created crypto litecoin, that could be mined.
In recent times, he said that everyone should try and own at least one bitcoin and in another commented that was widely published online, he said that bitcoin is the gold of cryptocurrency which could suggest that he is a bitcoin fan.
In a chat he had with CNBC which has a good inclination concerning crypto coverage, he was asked some question about plans to buy back litecoin which he sold out late last year and early this year, due to criticism, bitcoin crash and his prediction when to expect a bitcoin rise.
Commenting on what the value of bitcoin is presently and when he feels it could rise past the highest price of $20089 which it reached in Dec 2017, he said,
“It’s hard to predict prices, I’ve been in this space for 7 years now…sometimes it comes back within six months…sometimes it takes like three or four years,” Lee said, “it’s kind of hard to say.”
In answering the question on what the present prices of different cryptocurrencies say about their future and usage, Charlie Lee said,
“I think, in terms of long-term, it tells us of the success of the cryptocurrency but in short-term, it doesn’t tell us much.” He further added, “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 price will reflect the success of the cryptocurrencies.”
When asked about the possibility of buying back litecoin seeing that he had made a lot of money selling all his litecoin which he founded he said,
“For me, I sold (LTC) because of conflict of interest, so, I’m not going to buy back my Litecoins anytime soon or at all.” He mentioned it when he was asked if the decline in price is to be considered as a good buying opportunity. He added,
“…It’s always good to buy on the way down to average dollar cost average you’re buying… that’s what I’ll recommend people to do and as long as you don’t spend money that you can’t afford to lose, I think that’s fine. I think, it’s really bad for people who like mortgage their house, put all their money into a coin and then watch it drop like 80%.”