The Litecoin Founder, Charlie Lee says that Bithumb hack doesn’t really change the basics of bitcoin.
In an interview on phone with CNBC on June 20, Charlie Lee said that trending buzz on Bithumb hack “generally doesn’t change the essentials of Bitcoin”. The drop in the prices is a usual reaction or a response of the market whereas about the hack news, ‘it happens all the time’ due to which one gets anxious. He says;
“If the exchange does not protect the coins well enough and gets hacked, it doesn’t really change the fundamentals of the coin they are protecting”.
Considering the ongoing hack, he ensures that cryptocurrency exchanges are improvising for much better ways to secure customer’s funds. Although the process is improving but still, ‘there is a lot to improve’. Moreover, Lee highlights a ‘paradigm shift for personal finances with Bitcoin’. However, which means that people have to get used to protecting their coins in more secured ways.
Although, over the past year, there was 60-70 drop, ‘Bitcoin is still going well’, lee claims. He says that the current situation of Bitcoin seems to be “incoherent from the actual development of Bitcoin”. But he believes that the price will come back fairly.
In the further discussion, Lee suggested that the market is in a bear position at present. Therefore it seems difficult to predict the extent that it may last like 3-4 years or 1-2 days.
Image Source: Charlie Lee