As August prepares to roll in September, the bearish scenario of cryptocurrency markets hasn’t marginally improved. On one hand, the bear cycle continues its run from more than two-thirds of the past year. While on the other, Crypto bulls like Charlie Lee, Litecoin creator continues to remain optimistic. Lee claims that this bear market is the best opportunity to invest in some Bitcoins.
In a conversation with CNBC, the former Google and Coinbase engineer suggests that the dropoff prices creates an excellent investment opportunity for long-term bulls who have cash-in-hand that they can suspend. He insists that the flagship cryptocurrency is still a good buy. He said:
“It’s always good to buy on the way down to dollar-cost average your buy-in. As long as you don’t spend money that you can’t afford to lose, I think that’s fine.
Cautioning the investors against using borrowed funds to invest in bitcoin, Charlie Lee noted that bear markets can some time endure for years and predicting short-term price movement can be difficult. He adds:
“It’s hard to predict prices. I’ve been in this space for seven years now. I think sometimes it comes back within six months to a year, and sometimes it takes three or four years.”
Furthermore, Lee adds that the current prices primarily reflects of speculative interest and the actual consumer adoption.
“It’s all about speculation these days, but, in the future, the price will reflect the success of the currencies,”
He cites that even as the prices continue to deflate, the rate of adoption has been on the rise in comparison from the last year.
Back in December, Charlie Lee sold all his Litecoin(LTC), in his public statement he stated that it is due to a conflict of interest in having the ability to swap price movements. Upon asking will he buy them back, Lee answered:
“I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”
This will be not the first time Lee has supported Bitcoin, he has been vocal about his convictions about a brighter future of the token for a while.