Monday, December 5, 2022

Litecoin Creator Charlie Lee Regrets Dumping His Litecoin Stash

Litecoin Creator Charlie Lee Regrets Dumping His Litecoin Stash

Litecoin co-founder Charlie Lee, who sold all his litecoin (LTC) holdings last year, revealed that he has some regrets making that decision. However, he remains hopeful that his judgment may prove fruitful in the long run. Last year, Lee made the decision to ensure that there remained no “conflict of interest”, as he held the position of Chairman of the Litecoin Foundation.

Also see: IOHK’s Charles Hoskinson Declares ‘Proof of Stake Is Solved’

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Decision to Ultimately Prove Fruitful

During a Youtube interview with TexX Julian Hosp, Lee stated that selling his LTC stash may have been an error of judgment, at least when considered from a short-term perspective, but could prove right eventually.

“I still think it was the right move but I question whether – I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision,” said Lee.

On December 20th, 2018, Lee publicized via a Reddit post that he had sold his entire litecoin stash in order to avoid any conflicts of interest. Lee, a former Google and Coinbase employee, had repeatedly been accused of making decisions for personal benefit in his capacity as Chairman of the Litecoin Foundation.

Some community members feared that if Lee were to sell all his LTC at once, it would have an adverse impact on the price. However, the LTC founder revealed that his litecoin holdings were not substantial enough to impact the market. The perception led him to sell all his litecoin holdings over the course of a few days.

Litecoin Suffered From Charlie Lee’s Exit

At press time, litecoin has a market cap of $8.5 billion, making it the sixth largest cryptocurrency by that metric. However, since Lee sold his litecoin, the cryptocurrency has lost half of its value. LTC investors did show a level of disappointment toward the unexpected call. However, LTC’s price may, in part, reflect the high-profile March failure of LitePay.

Even though LTC prices have plummeted, Lee envisages its price will shoot up again in the future. “I think like, moving forward, five years down the road, when the price is back to the all-time high, I feel like it will be the right move,” said Lee. Lee still has holdings in other cryptocurrencies, including NANO (XRB).

The litecoin creator also added that the decision to sell his LTC stash was also intended to make the digital asset completely decentralized. Lee also pointed out that, eventually, he would step down from his position as Chairman so that litecoin could continue its journey as a decentralized currency with no point of central control.

Should Charlie Lee consider relinquishing his perceived control over litecoin? Was he right to have sold all his holdings? Share your views in the comments section below.

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