The cofounder and Director of Litecoin Foundation, Xinxi Wang, has said that there is a connection between the success of Bitcoin and Litecoin, just as the entire crypto market follows Bitcoin’s lead in term of price variation.
Xinxi observed that the success of Litecoin largely depends on how Bitcoin fare. Although most crypto users or investors know that the growth of the entire market all depends on largely Bitcoin’s trend, Chinese descent Wang reaffirmed that once Bitcoin succeeds, Litecoin will follow suit. He then noted that if Bitcoin succeeds, Litecoin will also succeed.
However, this may not be the belief of some Bitcoin maximalist. They believe that even though Bitcoin trend affects the market, Bitcoin success will by far outperform others. Afterward, Xinxi who doubles as the CEO of Coinut Exchange said Bitcoin may fail for some reasons.
While revealing the reasons behind the possible failure in the future, Wang explained that Bitcoin which came to life during an economic recession to salvage the woes experienced in the financial market has failed and yet to deliver its promises to the people.
He said Bitcoin lacks the property of being called a good medium of exchange, and it is not a unit of account. The computer programmer added that Bitcoin is not a safe haven against financial crisis, and cannot be used as a good means of storing wealth.
The crypto icon further tongue-lashed the leading digital asset. He said it is not a digital gold, claiming that billionaire Warren Buffett may be right about some of his negative statements towards Bitcoin.
However, Xinxi praised Bitcoin for letting governments have a thought on digital currencies. Bitcoin has enhanced the adoption of government-issued digital currencies, and this will aid economic growth, Xinxi concluded.
This, according to his statement about the connection between Litecoin and Bitcoin, shows that Litecoin’s success may be stalled.
Bitcoin not a Good Hedge of Stocks – Xinxi Wang
In another statement, the cofounder of Litecoin Foundation averred that people’s claim that Bitcoin is a good hedge of stocks. To him, Bitcoin is not a good hedge of stocks.
Wang said Bitcoin is not worth more than a tech stock that is without earnings. The latest update of the Litecoin Foundation cofounder may seem weird to many in the crypto space as Xinxi is known as an ardent supporter of both Bitcoin and Litecoin.
