Bitcoin struggled for the most part of June even trading below $6,000. In the past few days, we’ve seen Bitcoin to make a comeback. And in reality, there are a lot of contributing factors as to why Bitcoin has been up. However, if there is something that remains true today, Bitcoin remains as the gold standard in the crypto market.
And though US Securities and Exchange Commission has considered Bitcoin along with Ethereum as commodities, there are still some cryptocurrencies that remains in a grey area in terms of regulations. Charlie Lee who is the founder of Litecoin has something to say regarding the future of Bitcoin, Litecoin, Ripple and the industry as a whole.
Selling His Holdings
Last year, Charlie Lee decided to sell all his Litecoins. During that time, Litecoin was the fifth largest cryptocurrency in terms of market capitalization. Today, Litecoin has dropped a few notches going down to number eight with just a market capitalization of $5 billion in contrast to $17 billion during the time Lee sold his shares.
In an interview, Lee mentioned that it took him around two weeks to decide whether or not he is going to sell his Litecoin. He explained that his conscience played a major role in his decision to give up all his litecoins. He says that “it always felt a bit strange when I would publish predictions about the movement of the Litecoin market”. He also mentioned that his move selling his Litecoins gave him instant relief and it avoided anything that appears to be conflict of interest.
The Advantage of Litecoin Over Bitcoin
He also touched on the subject of Litecoin’s advantage over Bitcoin. He mentioned that LTC is much faster than Bitcoin when it comes to its transactions. In addition to this, Litecoin’s transaction fee is cheaper that you can buy small items such as coffee with your cryptocurrency. He mentioned that the future of Litecoin is to have more merchants to adopt the cryptocurrency.
But what his opinion on Bitcoin is still unchanged. Lee believes that with a market cap of $141 billion, Bitcoin is still the gold standard for the crypto market. He even mentioned that capturing just around 10{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} of that market capitalization would already be great for Litecoin. He believes that Litecoin is the silver to Bitcoin.
He says that “Bitcoin doesn’t have storage problems. It’s very easy to transfer. For me, it’s better than gold in many ways. Being optimistic, the market value of Bitcoin could be more than the $10 trillion market value of gold. More than 100 times the upside”.
He also touched on the subject regarding the roles that other cryptocurrencies play. He said that the new diamond for the world of cryptocurrency would most likely be Ripple. He said that “Ripple is somewhat like a diamond, because its supply is artificially controlled”.
Could his take on the crypto industry be accurate? Could Litecoin be adopted by more companies soon? A few months ago, Litecoin had an attempt to attract more businesses to make use of the cryptocurrency with its PayWithLiteocoin campaign.
