Market Analysis

​Charlie Lee of Litecoin advises on BTC purchasing

​Charlie Lee of Litecoin advises on BTC purchasing
Aug 30, 2018 by Rico Wise

The digital currency market has been stuck in the bear cycle for over 2/3 of the past 2018 now, and there is lesser and lesser place for BTC price predictions that promise its all-time upsurge to happen this year.

Nevertheless, even such an extended period of downtrend does not stop Charlie Lee, the founder of Litecoin, to tell that the dominant digital currency is still worth purchasing.

Lee explains that the price drop provides an ideal chance for financing for those long-term bulls that can afford themselves losing some money they have in hand. Additionally, he warned that a bad idea would be to finance BTC with borrowed money, pointing that such a malpractice has become quite common over the last quarter of 2017, when Bitcoin surged sky-high. Lee notes that it is very hard to make predictions for short-term value changes, and said that bearish markets sometimes can last for years.

Furthermore, Lee stated that, at the moment, digital currency prices mainly display speculative interest, as opposed to the actual adoption by consumers. He said that in the future, the value will indicate how successful the currency is, also noting that the community has seen quite a lot of adoption this year, even despite the waning prices.

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