Charlie Lee Not Buying Litecoin Amidst Unpredictable Crypto Market
Litecoin (LTC) creator Charlie Lee announced he would not be buying his own altcoin in the near future.
Speaking on CNBC’s Fast Money in late August, Lee revealed that he currently has no intention to buy back some of the altcoins he once sold. He added that by selling his Litecoin, he avoided any accusation related to conflict of interest.
On December 20, 2017, Lee announced that he got rid of all of his Litecoin, though he did not reveal for how much. However, he did disclose that he has retained some LTC as collectibles.
At that time, Litecoin was trading at a record price of US$359.96 against the US dollar.
Lee said last December:
“I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that no longer need to tie my financial success to Litecoin’s success… When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”
Nonetheless, Lee remained involved in the development of the altcoin. Back in December, he added that he believed selling his coins was the best way for him to continue managing the growth of Litecoin.
Hard-to-Predict Crypto Prices
In the same interview, Lee explained that it is difficult to graph out the future of crypto prices. When asked about whether Bitcoin could return to its peak at US$20,000, he hinted that his seven-year experience in the crypto world could not help him predict crypto price movements accurately.
“It’s hard to predict prices… Sometimes, it comes back within six months [or] a year. Sometimes, it takes… three or four years. So it’s kind of hard to say.”
According to the Litecoin founder, short-term reading of prices does not tell anything about the current state of digital currencies.
Bitcoin and Litecoin saw a decrease of around 60 to 70 percent this year. However, Lee said that the movement did not reveal that both cryptos saw an increased rate of adoption in the same duration.
On the other hand, he believes that the long-term reading of price movement would clearly reveal the success of digital currencies.
“It’s because it is so volatile, it’s all about speculation these days. But in the future, the price will reflect the future of cryptocurrencies.”
Lee recommended others to buy into crypto coins now while the prices are down.
Litecoin lost more than 80 percent from its all-time highest value reached back in December last year. Moreover, the coin lost around 27 percent just 30 days ago. The seventh largest crypto with a market capitalization of US$3.55 billion is currently trading at US$61.16 against the US dollar.
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