Litecoin Creator Charlie Lee Says Bitcoin (BTC) Halving Will Trigger A Price Pump
Litecoin was recently in the spotlight when crypto analyst, Willy Woo released a statement stating that ‘Litecoin Will Lead Bitcoin In The Next Bull Run.’
Now, Litecoin creator Charlie Lee shares his opinion on the Bitcoin debate of 2019.
BTC price may pump and then deflate after the halving
During a new interview, Lee said that he believes that BTC’s halving, which is set to lower the reward that miners will get for powering the network in half, may have a short term effect on the price of BTC.
Lee told the Crypto Lark that he believes BTC’s price may pump, and this will lead up to the halving and then deflate after the event happens in May.
“Everyone is thinking about how [the halving] will affect the price. From my point of view, I think that, kind of like the Litecoin halving, it becomes a self-fulfilling prophecy. If people think the price will go up, they will buy, which causes the price to go up,” he said.
He continued and pointed out: “So I think we’ll see some of that play into effect, and maybe after the halving we might see people sell the news, so to speak, and you might see a dip. But who knows. I think there is going to be a lot of price action this year because of the halving, which will be exciting…”
Litecoin surged a bit before the halving
Lee also mentioned the fact that Litecoin did see a rise in price a bit before the halving that took place in 2019. He also said that after the even, the price went down a bit.
“People were buying because they think the price will go up and after the halving happens, they just sell. We’ll see what happens with Bitcoin. It might follow the same pattern. I think it will, but who knows,” Lee said.
We recommend that you check out the video above in order to learn what more Lee had to say about the price of Bitcoin and its relation to the halving process.
At the moment of writing this article, LTC is trading in the green. Bitcoin surpassed $9,000 earlier today, and all digital assets were trading in the green.
Litecoin is now priced at $59.79.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.