2 - 3 minute read
According to Bobby Lee, the creator of Litecoin, the crypto bear market is likely to continue for the next year or two. In an interview with Forbes, Lee stated: “I think it’s going to be pretty bearish for the next year or two and I think uh personally I predict the bull market to come back in probably two years time certainly by by late 2024 that would be two years from right now.”
When asked about the regulatory landscape and the issue of trust in the crypto industry, Lee emphasized the importance of regulating companies operating in the space, rather than the assets themselves. He said: “We have to trust the people running it you have to trust the the investors trust the executive team we have to trust uh the people you know providing the service of the company… and to repair itself I think it’s going to go through a few years of uh you know retrospection and and sort of uh inspect how things are I think The Regulators will have to come in and sort of really take a deeper dive and see and understand why crypto markets why crypto companies and financial companies need more regulation.”
Lee also called for greater regulation of custodial services, which store cryptocurrency for other people, as well as exchanges and wallets. He argued that these companies play a key role in the crypto market and should be subject to stricter oversight, stating: “We can regulate and what we should regulate are the companies that do business with cryptocurrency especially those that do custodial services that store cryptocurrency for other people.”
Lee’s comments highlight the challenges facing the crypto industry as it navigates a prolonged bear market and seeks to rebuild trust with investors and regulators. However, his optimistic outlook on the eventual return of the bull market suggests that he remains confident in the long-term potential of cryptocurrency.