Founder Charlie Lee wants people to stop fussing over the gravity-defying rally in the cryptocurrency.
“I would be happy if litecoin stays at around $300 by the end of next year,” Lee told CNBC‘s as the cryptocurrency surged more than 150 percent in the past week.
Litecoin‘s rallied almost 8,000 percent this year, making it the world‘s fifth-largest cryptocurrency with a market capitalization of more than $15 billion, according to coinmarketcap. On Friday, it traded at $261.94 on
“It‘s still very surprising how much it has grown this year,” Lee said.
“I never like to speculate on prices because I‘m always wrong. If I tell you it‘s going to go up and it doesn‘t, you‘ll be upset,” he added.
Lee noted that the frenetic growth in cryptocurrency prices was also impeding their wider adoption as most people were using them as a speculative asset rather than using them to make real-world transactions.
“I think we‘re still maybe five years away before people actually start using bitcoin and litecoin in real world use as a currency.”
As litecoin surged to new highs in early December, Lee took to Twitter to urge for calm and “rein in the excitement” over its sky high valuations.
“Bitcoin is very volatile, and litecoin is even more volatile that bitcoin,” he said.
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