Crypto Creator Charlie Lee Pushes For Litecoin Adoption But Remains Criticized For Selling His LTC Bags
Charlie Lee Pushes For Litecoin Adoption But Remains Criticized For Selling His Coins
Charlie Lee, the founder of Litecoin (LTC), one of the largest cryptocurrencies in the market, aims to expand Litecoin adoption around the world. Although this is something very positive, not only for Litecoin but also for the whole crypto market, he still receives critics for selling his LTC coins during the bull market in 2017.
Exactly one year ago, Charlie Lee wrote on Reddit that he donated and sold his LTC. He explained that he did so in order to avoid conflict of interest. Some people were accusing him of shorting or influencing Litecoin’s price for his own benefit. At the same time, he explained that he wanted to completely focus on Litecoin.
Charlie Lee said during an interview:
“People lost 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.”
Back in December 2017, when Bitcoin was reaching its all-time high, Litecoin reached $358 and dropped down to $23, the lowest price in more than a year.
Although Litecoin’s founder explained that he did not sell all his LTC at the all-time high, people continued attacking him. He sold his coins when the crypto market was growing and at an average price of around $200.
To those that claim that I sold at the ATH, I actually did not. I sold on 3 separate times: 12/8 @ ~$96, 12/11 @ ~$155, and 12/18 @ ~$350. The average price that I got was $205.
It's nobody's business at what price I sold my LTC at, but I got tired of all the "sold at ATH" hate.
— Charlie Lee [LTC⚡] (@SatoshiLite) January 17, 2018
During this year, Litecoin’s owner has been pushing for wider adoption of the virtual currency that was once the second largest in the market. During an interview with Finance Magnates, Lee said that a lot of people think that because he does not have any coin he would not be incentivised to work on Litecoin. Nevertheless, he mentioned that this is not true and that he has other motivations rather than just money.
As reported by Bloomberg, BitInfoCharts shows that Litecoin’s transactions fell from 200,000 per day down to 20,000 daily. Clearly, this is something related to the bear market that has affected the whole industry during the current year. Indeed, Bitcoin (BTC) and Ethereum (ETH) have also been affected.
From what I know LitePay was working on a Visa card but ran some problems, which is not surprising given how hostile Visa is towards crypto. I'm guessing they worked until the last minute to try to overcome this issues but weren't able to. It's unfortunate.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 27, 2018
A few days ago, Charlie Lee wrote in Twitter that Litecoin will soon have more than 1,000 merchants accepting Lightning Network (LN) payments. The Lightning Network is one of the most important developments on top of this virtual currency as well as Bitcoin. I will allow the network to scale and reduce fees. Additionally, users will be able to process microtransactions for less than $0.01.
At the time of writing this article, Litecoin is being traded around $31 and it has a market capitalization of $1.88 billion. LTC is currently the 9th largest digital currency.