In December 2017, Bitcoinist reported that Litecoin founder Charlie Lee had offered or donated his complete Litecoin holdings, in an effort to show that his continued involvement within the undertaking was not motivated by private monetary acquire. Now, he’s not so certain that was the suitable resolution.
The Proper Name?
In a streaming YouTube interview on Friday, Lee implied that he holds some regrets about his resolution to promote all of his Litecoin in December 2017. In the course of the interview, he acknowledged:
I nonetheless suppose it was the suitable transfer however I query whether or not — I feel in the long term it was the suitable transfer however within the quick time period whereas the worth is down, under the all-time excessive, it simply feels prefer it’s not the suitable resolution.
However I feel like, transferring ahead, 5 years down the highway, when the worth is again to the all-time excessive, I really feel like it will likely be the suitable transfer.
‘I Didn’t Truly Have That Many Litecoins’
Litecoin peaked in December 2017 at slightly below $360 per coin, whereas Lee offered on December 20th at $322 per coin. From a monetary perspective, Lee made the suitable resolution, as Litecoin — together with the broader cryptocurrency market, collapsed to ranges lower than half of these seen at all-time highs. Nonetheless, Lee notes that his gross sales didn’t have an effect on the Litecoin market value, stating:
I didn’t even have that many litecoins. My promoting litecoins didn’t truly have an effect on the market itself however the truth that I had litecoins and folks have been considering that I’d dump it available on the market truly was a problem. Equally, Satoshi [Nakamoto, the creator of bitcoin], folks suppose he has 1 million bitcoin and if he decides to promote it may actually crash the market.