In brief:
- Litecoin’s founder, Charlie Lee, sold his LTC in late 2017 to concentrate on the project’s development
- Charlie Lee received a lot of criticism for his decision to sell his Litecoin bag
- According to David Schwartz, Mr. Lee sold his Litecoin at an average price of $205
- Litecoin is currently trading at $220 therefore it might be time LTC investors forgave Charlie Lee
During the fourth quarter of 2017, the founder of Litecoin, Charlie Lee, disclosed to the crypto community that he sold all his LTC. Mr. Lee received a lot of ‘flack’ for doing so and defended his decision by stating that he sold to concentrate on the project’s development. Furthermore, he did not want any conflict of interest whereby his comments on Litecoin would be a reason for the crypto community to pump or dump LTC.
Charlie Lee’s explanation of the scenario was expressed via the following statement in July of 2018.
I sold because holding LTC made it a situation where I may do something to pump the value short term. but is bad for the long term success of Litecoin. I didn’t want that conflict. I’ve explained this many times. If all you still don’t understand, I can’t help you. Be gone…
Owning coins is unrelated to working on a project. A lot for crypto leaders have a ton of coins but don’t work on the project and have left. (Satoshi for ex) Some never bought their own coins. (Jackson Palmer) Most probably sold without telling anyone. I’ve already explained.
It Might Be Time to Forgive Charlie Lee for Selling his Litecoin Bags
In a tweet yesterday, Litecoin Foundation’s project director, David Schwartz, pointed out Charlie Lee sold his LTC at an average value of $205. He went on to imply that Litecoin has since regained value above $200 and Charlie Lee critics can now ‘shut up’. Mr. Schwartz shared his conclusion on the matter via the following tweet.
.@SatoshiLite sold his stack of #LTC at an average of $205
Everyone can shut up now.
— David Schwartz (aka – Dasch) (@DaddyCool1991) February 13, 2021
Litecoin Could Continue to Rise Higher
At the time of writing, Litecoin is trading at $223 amidst a general crypto-wide bullishness brought about by Bitcoin attempting to test the highly anticipated $50k ceiling. Litecoin is often referred to as Bitcoin’s little brother and where BTC goes, LTC follows.
Expanding on the relationship between the two digital assets, there is a slight belief amongst investors that Litecoin is digital silver to Bitcoin’s digital gold. Chances are that some crypto investors will once again view Litecoin as a cheaper option to Bitcoin that is now closing in on $50k. Therefore, Litecoin could very well be on a trajectory to retest levels last seen during the 2017/18 bull cycle.