In an interview with CNBC, the founder of Litecoin Charlie Lee said that the recent hacking of one of the largest cryptocurrency exchanges – Bithumb “really doesn’t affect bitcoin”.
According to Lee, the price drop is the typical market reaction to news about hacking, and “it happens all the time” because people are afraid. But he believes that the hacking of the exchange will not affect bitcoin in exactly the same way as a Bank robbery should not affect the price of gold:
If the exchanger is not protected, then it does not affect the cryptocurrency who was kidnapped.
Given the recent hacking, Li said that cryptocurrency exchanges and exchangers actively study the best ways to protect customer funds. According to Lee, there is some progress, but still “much room for improvement”.
Lee also stressed “that bitcoin and cryptocurrencies are changing the paradigm of our relationship to personal Finance”, which means that people have to get used to take care of protection of their funds, “much better than traditional Finance.”
According to Lee, despite a drop of 60-70 percent in the last year, bitcoin is feeling relatively well and his network is much stronger. Lee believes that the current price of bitcoin appears to be “not associated with the actual development of the cryptocurrency number one”, and assumes that the price will rebound and “get back pretty soon.”
In an interview, Lee also said that the market is currently bearish, but it’s hard to say how long it will last three to four years or one day:
I’ve been on this market for seven or eight years, and I watched a bear market the last three or four years. A bear market may last for several years, but with the same success it can recover tomorrow.