Litecoin News: Charlie Lee says Cryptos Threaten US Dollar; Litecoin Surges towards $200

Litecoin, which was already witnessing a bull run, shot up further, reaching almost as high as $200, after creator Charlie Lee finished his interview at CNBC’s Squawk Alley today, at 8.30 AM PST.

Speaking in the interview, Charlie commented on the link between the value of cryptocurrencies and the technology behind them. He also went on to add that in the future, we will have a limited number of cryptocurrencies with value due to the fact that they need network support in order to survive.

Answering a question about companies which may be threatened by the mainstream adoption of cryptocurrencies or blockchain technology, Charlie candidly replied, citing the US Dollar as the entity cryptocurrencies essentially threaten, given their potential to be used as money in day-to-day transactions.

Litecoin, the silver to Bitcoin’s gold, as its creator Charlie Lee likes to call it, has been a sleeping giant. While it hasn’t seen the kind of price records set by Bitcoin, it has been growing consistently this year, starting from $4.65 in January and reaching a high of $197 today – recording a gain of over 4000%, which is massive compared to any traditional investment instrument.

That being said, there is a lot of volatility involved in the crypto market, and as one of the hosts in the interview pointed out, a lot of people are investing in cryptocurrencies with the wrong mindset, simply believing that the money they put in will automatically grow.

The key, before investing in any cryptocurrency, is understanding its fundamentals and the technology behind it. In the case of Litecoin, it processes faster transactions with lower fees, and compared to Bitcoin (which has very high fees and transaction times right now), is more suitable for daily use, such as buying your morning coffee or getting a drink.