Litecoin founder Charlie Lee announced to the crypto community that he sold all of his LTC in the fourth quarter of 2017.
Conflict of interest
Lee’s move has received a lot of criticism. He emphasized that he made this sale to concentrate on the development of the project.
Also, the cryptocurrency community didn’t want their comments on Litecoin. Because the community considered his comments to be a conflict of interest.
Charlie Lee’s statement on the script was expressed in the following statement in July 2018.
“I sold it because owning LTC has made it a situation where I can do something to increase value in the short term. But it’s bad for Litecoin’s long-term success. I didn’t want this conflict. I’ve explained this over and over. If you still don’t get it, I can’t help you. ”
It may be time to donate Charlie Lee for selling his Litecoins.
Litecoin Foundation project director David Schwartz pointed out in a tweet yesterday that Charlie Lee sold his LTC for an average of $ 205. He hinted that Litecoin has been valued at over $ 200 since then, and Charlie Lee critics no longer make sense.
Litecoin could go higher
At the time of writing, Litecoin is trading at $ 223 amid an overall crypto-wide rise brought about by Bitcoin trying to test the highly anticipated $ 50K ceiling. Litecoin is often referred to as Bitcoin’s little brother, and LTC follows where BTC goes.
If we try to explain the relationship between two digital entities, we can say the following. Litecoin is considered as Silver Bitcoin while Bitcoin is considered digital gold.
Presumably, some crypto investors will once again see Litecoin as a cheaper option for Bitcoin, currently approaching $ 50k. Therefore Litecoin could be in a very good orbit to retest the last levels seen during the 2017/18 bull cycle.