Litecoin, the fifth-largest coin by market cap has seen it's value explode over the past 48 hours. It is currently trading above $350 on most exchanges. With this excitement also comes a sobering reality as emphasized by Litecoin creator, Charlie Lee.
The former director of engineering at crypto exchange Coinbase tweeted a warning for potential litecoin holders Monday night:
"Ok, sorry to spoil the party, but I need to reign in the excitement a bit…," he wrote. "Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy!"
I appreciate Charlie for being straight forward with his opinion and I continue to gain increasing respect for Litecoin and what he's doing with the currency.
by Whit Gallimore
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