Litecoin, the Digital Silver Forked off Bitcoin, Could Soon Reignite its Narrative After Being Dubbed a Commodity By Big Players
The Commodity Futures Trading Commission (CFTC) recently granted Litecoin the status of a commodity – a title that greatly places it in a class of its own.
This latest announcement marks an amazing milestone for Litecoin and its users, with the digital silver coin now recognised as a commodity in the United States.
For those who don’t know about Litecoin, the currency was forked from Bitcoin in 2011 and since has had its enthusiasts nickname it “digital silver”. At its most basic level, Litecoin is a copy of Bitcoin with a few modifications that make it cheaper and faster to use.
What Does this Mean for Litecoin?
One of the major advantages of having Litecoin as a commodity is that holders of it now have legal protection regarding their virtual assets. With it now under the regulation of the CFTC, financial authorities will have oversight of the Litecoin market.
That means if a user has a dispute with a cryptocurrency exchange, they can actually approach the CFTC and seek a resolution – something totally unheard of before.
Is Litecoin Expecting a Bull Run?
This is all great news, but what does it mean for Litecoin and its users? Will the inclusion of Litecoin as a commodity get more people interested in the digital silver and cause it to surge in value?
The truth is no one really knows. But traditionally when a news like this is released, there is usually a strong surge of demand from both retail and institutional investors that can cause a rise in the price of a coin – so we expect something similar for Litecoin.
Is Litecoin Worth Investing in?
Investing in cryptocurrency is always a risk, but investing in Litecoin could be a good bet for some people. With it now having the status of a commodity, the coin has legal protections, making it a safer bet than some other altcoins.
On top of that, Litecoin has never looked healthier with low coin inflation, low transaction costs and a number of projects and applications built around the coin that are making it more accessible and easier to use.
Litecoin being recognised as a commodity is definitely great news for holders and could provide a new wave of interest and renewed vigour to Litecoin’s narrative as digital silver.
Given these positive developments, Litecoin could be a strong bet in the long run and could prove to be an exciting investment opportunity – though of course, it pays to be careful and do your research before investing.
Now go forth and #LiteTheWorld!
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