The theft of $31 million in cryptocurrencies from the Bithumb cryptocurrency exchange platform was announced last Tuesday. Recently, Charlie Lee, the founder of Litecoin (LTC) which at this moment is the sixth largest cryptocurrency in the world by market cap, said that incidents like this should not affect the price of Bitcoin (BTC) in the same way that a bank robbery does not change the price of gold, as he exampled.
“It’s like a bank being robbed and stealing the gold, does that affect the price of gold? It shouldn’t. The same with Bitcoin (BTC) – if the exchange doesn’t protect your coins well enough and is hacked, it doesn’t really change the fundamentals of the currency in question,” affirmed Charlie Lee in an interview with CNBC.
The programmer pointed out that cryptocurrencies not only challenge the concept of money but also require a reassessment of the way in which savings are usually protected, which is “much better than traditional finance.” While we now depend on banks to protect our money, digital currencies allow each one to be responsible for his or her own wealth, according to Lee.
Bitcoin (BTC) is performing “very well despite its decline,” thinks Charlie Lee, the founder of Litecoin (LTC)
The founder of Litecoin (LTC) argued that Bitcoin (BTC) is performing very well even though it is declining right now. Lee also noted that its network has become progressively stronger and more resilient.
According to Charlie Lee, the market price of a cryptocurrency does not reflect the real achievements for that cryptocurrency. The truth is that the cryptocurrencies market is going through a bearish period that is not known how long it will last.
“I have been in this world for seven or eight years and have seen that bear markets can last for three to four years. So, this stage could be extended for three or four years, or it could be recovered tomorrow,” said the founder of Litecoin (LTC), Charlie Lee.
However, technological advances in the crypto-verse suggest that the trend could be reversed “relatively soon,” Lee concluded.