Litecoin is one of the world’s largest cryptocurrencies today. What made Litecoin a good choice for many is the fact that it has faster transaction times, not to mention it isn’t as expensive as Bitcoin. And this was what its founder really wanted for Litecoin. Charlie Lee envisioned the digital currency to be used as silver while Bitcoin is the gold standard of cryptocurrencies. It has been designed with three times more than the number of Bitcoin.
Regret Over Selling?
Litecoin has remained bullish in the past few days. In fact, Litecoin already nears the $150 mark. In an interview that was streamed on YouTube, Charlie Lee admits that he regrets his decision to sell his shares.
“I still think it was the right move but I question whether—I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision”
On December 20, 2017, Lee announced via Reddit that he sold every Litecoin share that he has. He cited that there is a possible conflict of interest when he manages Litecoin and still holds some shares in it. He mentioned that “I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is a conflict of interest for me to hold LTC and tweet about it because I have so much influence”. He then continued to write “for this reason, in the past days, I have sold and donated all my LTC”.
He mentioned that he didn’t have a significant portfolio of Litecoins. He even dismissed that its volume could make a difference in the market. Lee said that “My selling Litecoins didn’t actually affect the market itself but the fact that I had Litecoins and people were thinking that I might dump it on the market actually was an issue”.
Right after he discarded his stake on Litecoin, the cryptocurrency dropped by 50% since. Charlie Lee even mentioned that you should stick to your cryptos despite the bearish trends.
Bigger Things Ahead For LTC
There are bigger things ahead for the cryptocurrency. On April 26, there was news that Litecoin and TokenPay are collaborating. He mentioned that Litecoin and TokenPay “are still exploring options”. Though it means that the partnership isn’t final and official yet, it seems that both parties are interested in collaborating with each other.
Litecoin held the fifth largest digital currency based on market capitalization for quite some time only to be dethroned by EOS. EOS was able to climb to their spot to number five mainly because of the increased trading volume of EOS. And for this reason, many investors believe that Charlie Lee and his team are stepping up in order to bring LTC back to its place. Mass adoption might easily get the job done and a partnership with TokenPay seems like the best option.
Was it a good move for Charlie Lee to give up his Litecoin shares months ago? Though Lee never cared to take Bitcoin’s place, it is still important that Litecoin teams up with other key players in order to be adopted.