Charlie Lee, the Litecoin creator and former Coinbase executive, has presented about the future of Bitcoin, Litecoin, and the cryptocurrency market in the long-term.
Strict Regulations Useful for Cryptocurrency Market
At the time of the interview, Lee discussed his concepts on a wide array of cryptocurrency-related topics which includes the short-term price trend of Litecoin, current regulatory frameworks for the cryptocurrency market in Japan and South Korea, and the practice of Bitcoin and Litecoin as actual currencies.
According to the CCN reports, the South Korean government has a plan to impose strict regulations on the local cryptocurrency market for the growth of the industry as well as protect investors.
On December 14, the South Korean government exposed unconfirmed reports on the possibility of a cryptocurrency trading ban, compressing its stance in regards to the South Korean cryptocurrency market and it intends to regulate the space.
Lee stated that the Japanese and South Korean government’s imposition of practical regulation supervise the second and third largest cryptocurrency exchange markets behind the US is optimistic about the long-term growth of cryptocurrencies, such as Bitcoin and Litecoin.
Lee mentioned: “I think increased regulation will help to reduce the volatility of the coin. A lot of the recent gains have had a lot to do with countries like (South) Korea and Japan getting into the cryptocurrency space,”
He said that South Korea had substituted China as an emerging cryptocurrency market and that makes South Korea push the price of leading cryptocurrencies.
Lee cited: “Ever since China banned the bitcoin exchanges, (South) Korea has taken up the mantle. There is a lot of frenzy in (South) Korea right now, and I think that’s driving up the price.”
In August, the South Korean’s largest cryptocurrency exchange named Bithumb has caught the country’s main stock market KOSDAQ in daily trading volume, and now processing nearly $3 billion in cryptocurrency trades.
Is it possible to use Litecoin and Bitcoin as Actual Currencies?
In the cryptocurrency market, the most of the currencies including bitcoin, litecoin is being used as stores of value and haven assets. Only a few people are using cryptocurrencies for processing payments; it is because of the scalability issues of cryptocurrencies including bitcoin and ethereum.
Lee said that it would take time at least five years for any of the currency in the cryptocurrency market to be used an actual currency. The casual users can start using bitcoin and Litecoin as day to day currencies if the exponential growth rate of the cryptocurrency market can be sustained in the upcoming years.
Lee stated: “I think we’re still maybe five years away before people start using bitcoin and litecoin in real-world use as a currency,”
Lee explained that if the price of Litecoin remains more than $300 by the end of 2018, he will be satisfied with that as it given its meteoric rise in the value of the past few weeks.
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