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Litecoin founder Charlie Lee sells all his coins, but won’t leave
A few days ago, we were reporting that Litecoin founder Charlie Lee has now an active role in promoting the cryptocurrency and we expect to see a constantly rising price.
Jay Crypto
Blogger
Last updated Feb 22, 2023 at 04:32 PM
Posted Dec 21, 2017 at 12:42 PM
A few days ago, we were reporting that Litecoin founder Charlie Lee has now an active role in promoting the cryptocurrency and we expect to see a constantly rising price. Apparently, he wants to dedicate even more time to this, otherwise, we can’t explain his decision to sell all his holdings, while others were simply donated.
Lee took to Twitter and left a message, revealing that the entire amount he sold is a small percentage of GDAX’s daily volume, which didn’t affect the market like expected, says Cointelegraph.
“For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)”
But why did he actually sold them?
Charlie Lee gave up all his Litecoin because of the potential for conflict of interest, considering the huge impact a personal statement can have on the coin’s price. By doing this, he can completely separate his opinions and actions, from the performance of the cryptocurrency.
“…whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC,” he explained.
Technically, he’s absolutely correct, since this happens whenever a cryptocurrency founder makes a statement.
What’s next for Charlie Lee?
Despite revealing the reason behind his decision, the Litecoin founder did not give any clues regarding his future plans. However, he did reassure users that he won’t abandon the coin. Even more, like mentioned above, he will be even more implied now and try to come up with a variety of rewards beyond the price appreciation of his coins.
The founder wanted to mention, through Reddit, that he had no part in the recent Bitcoin Cash trading hiccup, on Coinbase’s GDAX.
A few days ago, Litecoin reached an all-time high, trading at $471, on December 19. In the past month, the coin registered a 300 percent increased, from November 20, when it was trading at $71.41.