Litecoin Founder Charlie Lee is more focused on improving the technological side of his crypto rather than thinking about the price fluctuations currently experienced by the cryptomarkets. So he let Bloomberg’s team know in an interview in which he spoke about his controversial decision to sell his tokens at an average price of 200$.
Mr. Lee was emphatic in pointing out that he is not to blame for Litecoin’s devaluation, and that LTC’s sharp bearish streak follows a natural market trend. Although he is aware that many feel the need to blame him, he thinks this is a “silly” thing to do:
“People lose money, and they want someone to blame, and they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”
The creator of Litecoin has stated on several occasions that he sold his tokens to avoid a conflict of interest when promoting his crypto; however, he recognizes that it is normal that this had a negative impact in the community as it sparked the idea that Lee either disconnected from the project or at least lost confidence in it:
“It definitely had some effect on people’s confidence in Litecoin, because people are used to traditional public companies… Unlike CEOs of public companies, I am not paid to increase the shares of the companies.
Lee created Litecoin as a result of a series of modifications to the Bitcoin source code. The initial idea was always to offer a much faster and more efficient alternative, with cheaper fees. After creating LTC, Lee left his job at Coinbase to devote himself entirely to the development and promotion of the crypto, a work he has not stopped despite not owning a significant ammount of tokens.
Likewise, Charlie Lee commented that from his point of view there will be few cryptos that pass the test of time. The market for cryptocurrencies is tough, and he is sure that bearish streaks like those of 2018 serve to clean up the ecosystem of many projects that turn out to be scams or worthless:
“My sense is that there will be a handful of cryptocurrencies that actually will be used as money. There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”