Charlie Lee Relates Bitcoin To Gold, Litecoin To Silver And Ripple To Diamonds
Charlie Lee, the founder of LTC, has compared BTC and XRP to it recently in an interview for the Chinese media. During the interview, he also spoke about why he decided to sell his Litecoins. The interview was made during the Asian Blockchain Summit 2018, which was held in Taiwan recently.
Selling Litecoins Was A Relief
Lee was very divided between selling or keeping his LTC. According to him, it took him two full weeks to be completely sure that he would not regret this decision afterwards. He liked to sell because now there is no pressure anymore. He can publish market predictions about Litecoin and it does not feel so strange anymore.
One of the reasons why he sold the tokens was to eliminate the accusations that his opinions were biased and that he would gain money via speculating the markets. Because of this, he does not regret the sale and feels liberated.
The Gold, Silver And Diamonds Of The Markets
During the interview, Charlie Lee compared Bitcoin to gold. He said that if BTC should be compared to any commodity, it would simply had to be gold, because it is the closest thing as BTC is the most adopted and valuable way to digitally store value.
He also stated that Bitcoin does not have storage problems and that it is very convenient to transfer, so it can be even better than gold. If you are optimistic, he affirmed, you can believe that the Bitcoin market may be more valuable than the gold market.
As Bitcoin and Litecoin share the same philosophy with only some difference of fees and how to process a block, Litecoin could be silver. It is faster than Bitcoin but less used. They are very alike and Litecoin is only less valuable because less people use it.
Finally, Ripple would be like diamonds. The extreme centralization of XRP makes it look like the diamond market. First, because centralization allows manipulation and secondly because the supply is very artificially controlled. Just like diamonds, Ripple is all about advertising.