Litecoin creator Charlie Lee had revealed why he sold all his litecoin in a recent interview with Jinse.com
Speaking to the Chinese website, Charlie Lee said that his decision to sell litecoin was more of a relief and to avoid biased opinion. He said that he deliberated on the decision for two weeks before coming to a conclusion to sell all his litecoin holdings, noting that since the sale he has been able to delve deep into development of litecoin.
He said, “…it was less than two weeks in consideration. After selling it, I feel that there is no pressure … Because at that time I will also publish some predictions about the movement of the Litecoin market, but it always feels a bit strange.”
Charlie Lee believes that short term price action of litecoin has nothing to do with long term prospects of the coin, he further added “The six-month LTC has fallen so much, but it has done a good job in development. There have been new partners to join, and more people have begun to contact Litecoin.”
His views on Bitcoin and Ripple
Lee said that bitcoin is the closest thing to gold in the cryptoverse. He further added that according to the increasing adoption and steady price rise since 2009, makes bitcoin valuable to store and ultimately the “king of cryptocurrency”. Furthermore, Lee added, “Bitcoin doesn’t need to face storage problems; it’s also very convenient to transfer. For me, he is better than gold in many places. If you are more optimistic, the market value of Bitcoin may be more than the 10 trillion market value of gold. More than 100 times the upside.”
While speaking about Ripple, Lee said that extreme centralization of the cryptocurrency makes him believe that it’s the diamond of cryptoverse. According to him centralization allows manipulation.
“There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha!” he added.
His views on Litecoin
Charlie Lee said that litecoin is currently undervalued against bitcoin while maintaining that the overall market value of digital silver as he prefers to call litecoin will always be lower than bitcoin with the main difference being the fees for processing a block, and the transaction speed.
He said, “LTC is trading four times faster than bitcoin (BTC) but bitcoin is more used. At present, the user base of Bitcoin and Litecoin is relatively close. Many people use Bitcoin and Litecoin at the same time.”
Charlie Lee sold all his litecoin in December 2017 and made a statement on Reddit about it.
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