Why Litecoin Could Make You a Millionaire

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Last Updated July 23rd 2021
4 Min Read

Litecoin had an exceptional month in February 2018, hitting an all-time high of around $375 for the period before closing the month at around $200. It has a market cap of around $12.1 billion at the time of writing, ranking it fifth among the leading cryptocurrencies, just behind Bitcoin Cash and Ripple. But is it worth investing in Litecoin in 2018, and could the blossoming cryptocurrency be your key to making a million?

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Litecoin founder predicts success for cryptocurrency in 2018

Litecoin's founder, Charlie Lee, has reportedly sold his entire stake in the cryptocurrency. He told Reddit users in a December post that he took this decision to protect the integrity of the currency, after coming under fire from users who accused him of artificially inflating its price with promotional social media posts. He was also accused of manipulating Coinbase into listing Litecoin on their exchange, and of promoting the cryptocurrency for personal benefit. By handing over his Litecoins and withdrawing from the blockchain, he hopes to restore confidence in Litecoin and encourage investment.

In February of this year, Lee made the bold prediction that Litecoin will overtake Bitcoin Cash during 2018. Currently, BCH sells at around $4,000 per unit - significantly more than Litecoin - but it has a market cap of just $20.1 billion. Litecoin could easily close that gap if it continues on its current growth trajectory. Litecoin will be aided by the launch of Litepay, a platform that enables instant transactions at the point of sale by facilitating immediate fiat currency exchanges. This could make Litecoin more popular than Bitcoin or Ethereum with retailers, and it is sure to create a variety of real-world uses for the digital coins.


See also: Pros and Cons of Investing in Ripple, Will It Be a Millionaire Maker?

Investing in Litecoin

Like its better-known counterparts Bitcoin and Ethereum, Litecoin remains a risky investment. Cryptocurrencies are not regulated by the majority of nations, there is no central administrative bank, and few insurers are willing to take on the risk of assuring investments. An investment in any cryptocurrency is, therefore, a gamble. However, with that risk comes a chance for significant gains, especially if the currency undergoes a sudden rise in demand. Bitcoin's success - and eventual decline - at the end of last year is a classic example of how the cryptocurrency bubble grows and then bursts.

While Bitcoin is seeing a wane in popularity, investors have got the crypto bug and are looking for alternative digital currencies to store as assets. Litecoin is one of those new and exciting currencies, and it is starting to attract interest in the mainstream as a result. With a modest starting price compared to other similar currencies and a pattern of ongoing growth, there is a very real chance that a Litecoin investment could multiply into a serious profit during 2018.

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