In terms of monetary price, cryptocurrencies have been faltering since the introduction of 2018. But one prominent figure of cryptocurrency is declaring that cryptocurrency is flourishing more than ever due to the progress of adoption.
Charlie Lee, the famous founder of Litecoin, stated on CNBC’s Fast Money that cryptocurrencies are currently proving their long term worth. Despite the drop, he highlights the fact that cryptocurrencies, specifically Bitcoin and Litecoin, have witnessed significant adoption. Lee believes that the “price will reflect the success of cryptocurrencies” in the future”.
Lee further encouraged developers and enthusiasts to focus on technology and adoption, rather than the volatile price. He said he would like to see more discussions and interest in the development of projects, such as the Lightning Network. In fact, he stated that that the bear market is a positive event for the cryptocurrency projects because it provides an opportunity for the people to “have their head down and actually work and get stuff done”.
Although Lee’s perspective on the state of cryptocurrency might be a hard pill to swallow for people who have invested large amounts of money, he provides a sobering reality about the volatility of digital assets. Price will wildly fluctuate, but eventually it will reflect the true value that the cryptocurrencies will bring to society. If people believe in the innovation and technology cryptocurrencies are bringing to the world, they will have to be patient and learn to see the value behind the price.