First, there was Bitcoin Cash, then recently Bitcoin Gold, and now SegWit2x lies before us. It seems like the Bitcoin community is perpetually at war with itself.
What happens if investors grow tired of these fights? Do they simply pull their money out of the industry altogether? Or, and this is where it gets interesting, do they switch to Litecoin?
We believe there is some possibility for the latter. Not in the vague future, but this very year, before the end of 2017.
As you might know, Bitcoin must undergo another fork within six months from the one that created Bitcoin Cash. This new fork is commonly referred to as SegWit2x and can be traced to the New York Agreement from earlier in the year.
The media is treating SegWit2x as “just another fork,” but it’s important to understand that this particular fork is backed by several core developers. It may even have enough credibility to pose a serious challenge to the original blockchain…
The problem is that SegWit2x doesn’t have “replay protection.” This piece of code is supposed to make sure investors don’t lose their tokens during a fork. At risk of overusing the metaphor, coins can slip between the cracks of a hard fork—the net result is that investors can simply lose money.
My guess is that investors could panic at this tension. They could start a run on BTC that would benefit Bitcoin Cash, BitConnect, and…Litecoin. It is the “silver to Bitcoin’s gold,” remember?
At the moment, the Litecoin to USD exchange rate is around $56.16. It is down just 0.69% in the last 24 hours, but there is no significant Litecoin news driving the price.
Analyst Take:
Even without this scenario, we expect the LTC price to regain its previous high of $90.00. However, if the internal struggle in Bitcoin reaches a fever pitch, we may have to revisit our Litecoin price forecast.
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