Is now the time to buy Litecoin (LTC)? With founder Charlie Lee recently telling the media that he won’t be buying back the LTC he sold in December 2017, investors would be forgiven for thinking it’s time to abandon the Litecoin project. Indeed, in the wake of offloading his stake in the coin he helped create, Lee told people they should buy at least one Bitcoin before Litecoin or any of the other major altcoins out there.
Is Lee a Help or Hindrance to Litecoin’s Future?
With the founder seemingly bearish not only on Litecoin’s financial appeal but its long-term future, many are now looking for alternative options in the crypto market. Although things appear to be going from bad to worse on the surface, it still might not be a bad idea to buy Litecoin via a leading exchange. Thanks to a flurry of recent updates and innovations, the blockchain actually looks to have some mainstream utility. Lee’s partnership with HTC suggests that Litecoin may become an integral part of the forthcoming Exodus crypto phone.
Although the extent of Lee’s involvement with the project is unclear, his presence is likely to give Litecoin a better standing with the product. This, in theory, should make Litecoin more available and useful, something which should help increase its value. In addition to Lee’s worth with HTC, the company has also partnered with TokenPay. The decentralized payment platform currently offers merchant service tools for businesses.
Innovations Are Positive but Price Remains Bearish
Working with Litecoin, TokenPay is now looking to improve its payment provisions and make micro-transactions more efficient. In addition to this increasing the utility of Litecoin, TokenPay also owns German bank WEG. By linking these two entities, Lee has said it will be another way to buy Litecoin in the future.
“I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin,” Lee said in a July press release.
However, as much as the company is forging new opportunities and partnerships, Litecoin’s value is still taking a battering in 2018. Falling from its 2017 high of $350, the price has been hovering around the $60 mark for much of August. Although many believe this could change by the year’s end, the crypto market as a whole remains bearish. Given the weight of evidence and the somewhat counterproductive comments from Lee, Litecoin’s value may continue to struggle. However, what’s clear is that the price is currently on a dip. With that being the case, it may be a good time to buy Litecoin if you’re willing to keep hold of your stake for at least 12 months.