Litecoin creator Charlie Lee says crypto traders should take profits when the market is up.
In a new ask-me-anything hosted by Chainnode, Lee talks about market psychology and his decision to sell all of his LTC near the height of the 2017 bull run.
“I didn’t know when the bear market will hit, but I did know that it was bound to happen. Having been in this industry for 6 years at the time, I’ve seen multiple bear and bull markets.
We always overshoot both on the upside and the downside. So when the market has been going up a lot, it’s always good to take some profit. That said, when I sold, I wasn’t thinking of timing the high. That was just luck. No one really knew and I didn’t know. I thought LTC might hit $1,000 at the time.”
Lee says he believes short-term volatility in the crypto market won’t stop LTC and Bitcoin from thriving in the long run.
You can check out the full AMA here.