Things weren’t looking that good for Litecoin, as it was getting close to a of $80 over the course of the past 48 hours, which would’ve turned it into a complete cryptocurrency disaster. However, the coin suddenly got back on the track, soaring almost to the $100 mark.
Is the coin on the right path to greatness?
Naturally, this raised one big question: can this be considered a real Litecoin rebound? Or was it just the obvious next step, after founder Charlie Lee’s decision to call out Bitconnect, a Bitcoin-based Ponzi scheme?
This scheme promises anybody who deposits Bitcoin in exchange for (or who buys Bitconnect Coin, a minimum 1% return on their investment, according to Oracle Times. The same source also mentions that this return isn’t one time only, as it can be ‘won’ every day an investor continues to invest in mining Bitconnect and its automated trading system.
However, it also implies a big problem: if this 1% return would happen daily, investing $1,000 in Bitconnect should land anybody who joins this scheme around $50 million in less than three years. And this is something way to good to be true, if you ask us.
Earlier this week, the only important figure in the cryptocurrency industry who took an official stance on Bitconnect was ETH founder Vitalik Buterin. Obviously, this somehow forced Litecoin founder Charlie Lee to release a surprising statement on November 29: “If it looks like a duck, walks like a duck, and quacks like a duck, it’s probably a Ponzi scheme.”
The scheme, condemned by some important figures
The two were joined by billionaire Michael Novogratz, so it’s very likely for the platform to deal with a decreasing numbers of interested users in the near future.
As for Litecoin’s future, its founder’s comments can buoy it in the long-term, since being able to put a face to the name of such digital assets is going to become hugely important.
Right now, it will be very interesting to see if Litecoin will manage to reach $100 in the near future and if it will be able to maintain a growth rate.