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The cryptocurrency market has now gone through a downward cycle for over two thirds of last year and, with the month of August in which it is preparing to roll, the latest forecasts months of the price of bitcoin test its historical high in 2018 appears increasingly less probable
However, even after this prolonged decline, the creator of Litecoin Charlie Lee states that the flagship cryptocurrency is still a good buy
Speaking With CNBC, Lee said that falling prices created an excellent investment opportunity for long-term bulls who have money in hand that they can afford to lose.
"It's always good to buy at an average price of your purchase -in", he said. "As long as you do not spend money that you can not afford to lose, I think it's fine.
The former Google engineer and Coinbase warned against using borrowed funds to invest in bitcoins, a practice became annoyingly common during the feverish Q4 rally of last year, noting that it is incredibly difficult to predict short-term price movements and that markets may in some cases resist for years.
He said:
"It's difficult predict prices. I've been in this space for seven years. I think sometimes you come back in six months or a year, and sometimes it takes three or four years. "
Lee also noted that, at present, cryptocurrency prices reflect mainly speculative interest, not an actual consumer adoption.
" This is speculation these days, but, in the future , the price will reflect the success of the currencies, "he said, adding that this year has been a good deal of adoption even if prices have declined.
However, when it is asked if he would buy back in litecoin (he sold all his LTCs in December, citing a conflict of interest to have the ability to exchange price movements with his public statements), Lee said no:
"I sold because of conflict of interest, so I will not buy my litecoin at any time – or at all. "
Highlighted image of Ethereum / YouTube
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