Charlie Lee is the founder of the fifth-biggest cryptocurrency. The software engineer founded Litecoin in 2011 and recently sold and got rid of all the holdings in his possession. Mr. Lee mentioned that Litecoin has done him only good and has helped him financially and for this reason, he no longer needs to rely on its benefits. He went on to say that he is well enough financially. In Lee’s words “For the first time in six+ years, I no longer own a single LTC.” Lee didn’t mention the details of the coins, how many he sold, and for how much. However, he did say that the amount was small enough that it didn’t cause a crash in the market.
Michael Kazley the co-founder of Crescent Crypto Asset Management mentioned that this is good news for Litecoin investors. In his words “it allows him to speak freely on social platforms.” He went on and said, “On the other hand it’s also negative because it’s hard to evaluate his go-forward financial incentives.”
In an email in response to questions from Bloomberg Lee mentioned that this may result in a short-term drop of value for Litecoin. He believes that people may lose faith thinking that he has lost faith in the matter. Ultimately though he believes that this will only benefit the growth of Litecoin. Lee added that Litecoin is still his full-time job and nothing has changed but rather he may even be more focused now than before. He’s not focused on the price and how it fluctuates rather he is looking to improve the system.
For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!