According to CCN's May 1 report, Charlie Lee, the founder of Litecoin, talked about the price of Litecoin and related issues with Bitcoin on a recent blog show. It had predicted that the price of Litecoin could reach $1,000.
(Source: CCN )
When talking about Charlie Lee, in addition to knowing that it is the founder of Litecoin, people will not forget that the early participants of this cryptocurrency had sold all of their Litecoin at the high price of the 2017 bull market. Recently, the founder of Litecoin answered some of the tough questions in the podcast of Morgan Creek Digital partner Anthony Pompliano, including his portfolio and the current state of the cryptocurrency industry. Maybe you don't know, when Charlie Lee decided to sell his Litecoin, the price of Litecoin was about $300, and he thought the price of Litecoin would go higher. He said in the podcast:
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In fact, I did think that it would continue to rise, instead of rising to $300, I thought that the Litecoin could rise to $1,000.
Charlie Lee said that everyone is actually after the event, and he is always asked about price-related issues. But obviously, he doesn't know what the price trend of Bitcoin or Litecoin will be.
If someone can tell you the price movement of a certain cryptocurrency, then he is lying. No one can know if the price will rise or fall. I have experienced several cycles of alternating bulls and bears. But who knows when the bear market will recover? Now we do see some signs of the arrival of the bull market, but don't let all in, I always tell people never to all in.
The price of Litecoin is currently around $73, which is more than twice the price of the beginning of the year. However, this is still a lot worse than Charlie Lee's expected $1,000 during the 2017 bull market. Charlie Lee has recently been working to add some alternative features to Litecoin to make it more private and ultimately more scalable. They are using a technology called Mimblewimble, which makes Litecoin more substitutable, so that "every Litecoin is the same as other Litecoin."
The price of Litecoin reached its highest value by the end of 2017. Image source: CoinMarketCap
Bitcoin will become the world's reserve currency
When it comes to Bitcoin, Charlie Lee believes Bitcoin will eventually become the world's reserve currency and will coexist with legal tender. He predicts that only a very small number of cryptocurrencies will have value in the end. He said:
Bitcoin will be the most important of all cryptocurrencies, and of course there will be other cryptocurrencies that can survive.
In the meantime, as long as the future of Bitcoin is uncertain, its price will remain volatile.
Coinbase messed up the acquisition of Neutrino
Charlie Lee, a former Coinbase employee, praised the American cryptocurrency company on a blog show and called it "the most important company in the cryptocurrency field" because it attracted a large number of people to enter this field. But he did not praise Coinbase, he said that Coinbase messed up the acquisition of Neutrino:
Coinbase must have made a mistake. Their recent acquisition of Neutrino is quite stupid. The things they do are disappointing again and again. They didn't handle it well in this matter.
Is the cryptocurrency winter ending?
In the conversation with Charlie Lee, Pompliano answered the question raised by the podcast audience about whether the cryptocurrency winter has ended. He said:
The market is likely to have bottomed out. However, as many people working on cryptocurrencies know, price is a very stupid behavior, so we have to see how the market will develop.
Charlie Lee has always wanted to pay in cryptocurrencies at McDonald's and Starbucks. Of course, the infrastructure of the cryptocurrency industry will take a long time to develop further. I don't know if Charlie Lee will buy back a bit of cryptocurrency at the bottom of the current value range. If he buys it, he may have to take a few more years.