Charlie Lee, Founder of Litecoin, founded it in the year, 2011, and is now selling almost every Litecoin that he has as holdings. We learn that he is one of the popular Crypto influencers and any update posted by him gets a lot of responses. He had to take such a step to avoid scenarios which may lead to a conflict of interest. Given the gist, let us now go into some more details on the information which lies behind Charlie Lee taking such a decision.
This entire concept that led to Charlie Lee taking such a decision is just due to some replies that were made on Twitter when Charlie Lee used to tweet about Litecoins. As said by Charlie Lee to a reporter, as to what happened in Twitter, Charlie Lee said,
“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! So in a sense, it is a conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.”
Coming to the numbers, The number of coins owned by Charlie Lee isn’t disclosed as of now. But it is believed that he has sold all the Litecoins he had. Post selling almost all of his Litecoins (LTC) Charlie Lee reported to the reporter,
“This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth”.
As we have seen the immense growth of Bitcoin, Ethereum and also many other cryptocurrencies in the year 2017, Litecoin is also one of those cryptocurrencies, who has seen a huge growth in the year 2017. From the statistics POV, Litecoin has a market cap of $18 million is ranked to be in the fifth position when it comes to large cryptocurrencies.
This was all regarding some updates on cryptocurrency and Charlie Lee taking such a decision. For many people, it isn’t quite acceptable, and for many it is, but as mentioned by Charlie Lee, this step is just to ensure a better and a clean growth of Litecoin. Thus, being the founder, if he has made a decision, maybe he has thought something about it, which may be unclear now, but hopes to be clear in the near future.