Japan and South Korea Regulations Good For Bitcoin says, The Litecoin Creator

The Litecoin creator and former Coinbase executive Charlie Lee made a discussion on the future of Bitcoin, Litecoin, and the cryptocurrency market in the long-term on CNBC’s Squawk Box.

 

Strict Regulations Beneficial For Cryptocurrency Market

During the discussion, the Litecoin creator Lee has given his viewpoints in a wide range on the topics related to cryptocurrencies including the short-term price trend of Litecoin, current regulatory frameworks for the cryptocurrency market in Japan and South Korea, and the usage of bitcoin and Litecoin as actual currencies.

The CCN has reported that throughout the previous month, the South Korean government was trying to inflict strict rules upon local cryptocurrency exchange market to make possible for the growth of the industry and protect investors.

On December 14, that is yesterday,  the South Korean government directly rejected all the unverified reports on the possibility of a cryptocurrency trading ban, to stiffen its posture in regards to the South Korean cryptocurrency market and its purpose to regulate the space.

Lee also noted that the infliction of the practical regulation

by the Japanese and South Korean governments that supervise the second and third largest cryptocurrency exchange markets behind the US is optimistic about the long-term growth of cryptocurrencies, including bitcoin and Litecoin.

Lee said that,

“I think increased regulation will help to reduce the volatility of the coin. A lot of the recent gains have had a lot to do with countries like (South) Korea and Japan got into the cryptocurrency space.”

He then highlighted that China has been replaced by South Korea as an emerging cryptocurrency market and that South Korea has been pushing the price of leading cryptocurrencies recently.

He commented that:

“Ever since China banned the bitcoin exchanges, (South) Korea has taken up the mantle. There is a lot of frenzy in (South) Korea right now, and I think that’s driving up the price.”

South Korea’s largest cryptocurrency exchange, Bithumb, has overtaken the country’s leading stock market KOSDAQ in daily trading volume, processing nearly $3 billion in cryptocurrency trades in August.

Will Litecoin and Bitcoin be Used as Actual Currencies?

Now, Bitcoin, Litecoin, and most of the currencies in the cryptocurrency market are being used as stores of value and haven assets. Due to the scalability issues of cryptocurrencies like bitcoin and Ethereum, only a small portion of consumers are using cryptocurrencies to process payments.

Lee further said that to be used as an actual currency on a day-to-day basis it will take at least five years for any of the currency in the cryptocurrency market. But, if the exponential growth rate of the cryptocurrency market can be given strength in the upcoming years, casual consumers could begin using Bitcoin and Litecoin as day-to-day currencies in the mid-term.

Lee commented that,

“I think we’re still maybe five years away before people start using bitcoin and Litecoin in real-world use as a currency.”

On the short-term price trend of Litecoin, he would be satisfied if the price of Litecoin remains above $300 by the end of 2018, given its meteoric rise in the value of the past few weeks.

He said:

“I would be happy if Litecoin stays at around $300 by the end of next year”.

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