Last year, Charlie Lee, the founder of the Litecoin cryptocurrency, sold all of his own coins. Months later, he revealed that he had some regrets regarding his decision to let go of his Litecoin holdings. This week, Charlie was asked to deliver comments on three of the main cryptocurrencies, including Litecoin. During the interview, Charlie also provided more details on his decision to sell all of his Litecoin crypto coins at the end of 2017. 

Charlie Lee Sells His Entire Litecoin Possession

Charlie Lee founded the Litecoin cryptocurrency in 2011. Apart from his involvement in this project, Lee was also the Director of Engineering at Coinbase, one of the world’s largest cryptocurrency exchanges at the moment.

After six years of actively possessing a large number of the first Litecoin crypto coins that were distributed, the founder of this digital currency decided to let go of his Litecoin possessions. In December 2017, just weeks before Christmas, Charlie announced that he had sold all of the Litecoin he owned.

The post published by the founder of Litecoin at the time explained that he felt that this was the right time. In the post, Charlie also stated that he did not post frequent updates regarding the price or other data regarding Litecoin on his Twitter account during that year. The reason behind this was to avoid people considering such tweets as a way for Charlie to affect the price of Litecoin to benefit himself.

 Charlie Announces Some Regrets Regarding His Previous Decision

In April 2018, a live interview with Charlee was streamed on YouTube. During this interview, Charlie mentioned that he feels like his move to sell all of his Litecoin crypto coins might not have been the best option from his side. He particularly pointed out the fact that the value of Litecoin has fallen significantly since he sold his own coins, which was one of the primary reasons he felt regret following his decision.

Even though Charlie pointed out his concerns about the short-term effects of his decision to sell, he also mentioned that it was definitely the right decision in the long run. Lee mentioned in the interview that he didn’t have as many coins as some people would think and that his move to sell all his coins didn’t have a noticeable effect on Litecoin’s value. He shared his opinion that his move to sell is actually beneficial for the long-term success of the coin.

Charlie explained that the idea behind Litecoin is to create a real, international decentralized digital currency. This, however, means that the coin should not have any “leader,” thus prompting him to get rid of his coins, even though he still continued to be actively involved in the development of the project.

According To Charlie, Bitcoin Is the Gold And Ripple Is The Diamond Of The Crypto Industry

This week, Charlie was also interviewed by Jinse.com, a popular Chinese website. In the interview, Charlie revealed that he now feels somewhat relieved that he sold his Litecoin holdings. He mentioned that he did think hard about his decision for about two weeks after making the choice to sell his Litecoin.

During the interview, Charlie was asked about his opinion on some, particularly popular cryptocurrencies. He compared these coins to the market of gold, silver, and diamonds, comparing Litecoin to silver and Bitcoin to gold. He went on to state that Ripple is what we should look at as the diamond: a valuable asset to be held in one’s possession.

After selling all the Litecoins in his possession, the founder of this cryptocoin expressed some regrets regarding the decision, but he still views his move as being correct in the long run, and he continues to be actively involved in the development of Litecoin, the cryptocoin he views as the “silver” of the cryptocurrency world. In his interview, Charlie Lee pointed at Ripple as the diamond and Bitcoin as the gold of the industry.

Amna El Tawil is an experienced journalist with a strong background in financial writing. She is a cryptocurrency enthusiast and has been writing about digital currencies since 2016. When not writing, Amna can probably be found in bed with a book cuddling with her beloved Siberian Husky.

2 COMMENTS

  1. I have always had a lot of respect for Lee and honestly I can’t see any reason why not when you ponder him letting go his holdings. These guys earn their keep if they put the time in to create something and who are we in a decentralized community to say its right or wrong. Personally, the only time I feel off about a founder/lead dev giving up his holdings is when its done to exit plan out of their very own project to leave the community locked in on a dying investment. Clearly that was not the case with LEE and Litecoin so I don’t feel its a big ordeal, he his still active and still pushing the future of LTC to this day.

  2. It’s easy to understand why the public would lose confidence in Litecoin when the founder sells all of his holdings. From an optics perspective it appeared as though Lee lost all confidence himself. I’m not saying that’s what happened, but that’s what it looked like and, in business, this kind of move usually results in the same kind of reaction from the public. He should have known this would happen.

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