Litecoin News and Price Overview: Multicoin Capital Co-founder Says Litecoin Has No Reason to Exist. Monday, June 2
Important Litecoin News
Multicoin Capital Co-founder Says Litecoin Has No Reason to Exist
Multicoin is a cryptocurrency hedge fund that is based in Austin. The company has backing of several venture capitalists such as Andreessen Horowitz’s Marc Andreessen and Chris Dixon. The company’s co-founder, Kyle Samani spoke to Fortune, airing his views on a number of cryprocurrencies such as ripple, litecoin, eos and ethereum.
According to Samani, litecoin has no reason to exist. Although he paid some glowing tribute to Ethereum and EOS despite the latter’s string of controversies even in its first week of launch. Samani said, “Litecoin in my view has no reason to exist. It was a fork of Bitcoin. It’s just been sitting around. The only investment thesis I’ve ever heard for Litecoin is it’s a testnet for Bitcoin, but that’s not an investment thesis.”
Litecoin is supposed to improve on the shortcoming of Bitcoin, although it has been struggling after its Litepay project faltered.
Charlie Lee Announces Support for Litecoin Futures
The Litecoin co-founder, Charlie Lee has said that the Crypto Facility launch of litecoin futures would revitalize the cryptocurrency by allowing investors to go long or short on the coin from around the world.
Lee echoes the thought of many investors who are looking at the launch as a source of liquidity flow into the coin. They are of the opinion that with institutional funds flowing into the cryptocurrency, there will be an enhancement of transparency.
The Federal Reserve Bank of St. Louis also added Litecoin along with Bitcoin and Ethereum to the cryptocurrencies that will be added to its platform.
The news has created the impression that the coin is in for better times and a number of investors are already looking in to buy positions. However, with the bearish coin market, there is no certainty that the effect of the listing will not be cancelled by the market’s downward trend.
LTC/USD Price Chart, Monday July 2nd:
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