Litecoin’s founder, Charlie Lee has always expressed his support for Bitcoin (BTC) and he has always pushed people to purchase BTC than any other cryptocurrency. However, Lee, in a recent interview with CNBC talked on what he sees on Bitcoin’s crash and the Litecoin buying motives in the coming days.
During the interview, a question was put forward to Lee on what he foresees with Bitcoin (BTC); if it is going to attain its all-time highs anytime soon. Lee answered by saying:
“it’s hard to predict prices, I’ve been in this space for seven years now… sometimes it comes back within six months…sometimes it takes like three or four years. It’s kind of hard to say.”
What the price of Bitcoin really implies
The current price of cryptocurrencies especially Bitcoin hasn’t been favorable (yes, we’ve seen some ‘green days’ just recently). But still, most people really ponder what the current price really implies. On that, Charlie answered:
“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. For example, this year there has been so much adoption in Bitcoin and Litecoin but the prices have dropped like 60 to 70 percent. So I think it’s because it’s so volatile, it’s all about speculation these days. But in future, the price will reflect the success of the cryptocurrencies.”
Lee’s statements are true and as we have seen, the market has been volatile. It is important to know that the market has been low since the beginning of this year, 2018. We shouldn’t forget that Bitcoin (BTC) further dipped down as a result of SEC’s rejection concerning Winklevoss twins’ Bitcoin ETF. Additionally, SEC also rejected nine Bitcoin proposals last week; such factors have also contributed to the market value and trends.
After selling out all his Litecoins, will Lee purchase LTC again anytime soon?
Charlie Lee sold most of his Litecoins and during an interview last month, Lee said that it took two weeks for him to contemplate on his decision to sell his Litecoin holdings. He added that the two weeks gave him the opportunity to ponder on the growth of Litecoin.
It is important to add that Lee’s statements removed lots of critics concerning the sale of his Litecoins. He said this further:
“It was less than two weeks in consideration. After selling it, I feel that there is no pressure… Because at that time, I feel that there is no some predictions about the movement of the Litecoin market, but it always feels a bit strange.”
And now, in the interview with CNBC, Lee said that he doesn’t have any intentions to purchase his Litecoins back anytime soon. Lee’s words were,
“For me, I sold my LTC because of conflict interest, so, I’m not going to buy back my Litecoins anytime soon or at all. “
He also shared his thoughts on the decrease in the value of crypto and if this is the best time to buy cryptocurrencies. Lee states,
“It’s always good to buy on the way down to average dollar 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 to mortgage their house, put all their money into a coin and then watch it drop to like 80 percent.”
So, it is evident from the Litecoin creator’s thoughts (and he is a crypto expert, isn’t he?) that Bitcoin is bound to succeed in the long-run. If you believe in crypto, do not think short-term, be a long-race horse to increase your chances of success.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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Smart MFG Tech Announces its First Liquidity Mining Rewards Program on LINKSWAP
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Decentralized Insurance Platform Bridge Mutual to Launch BMI Token on Polkastarter
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…