Let’s Look at How Satoshi Nakamoto Jr (aka Charlie Lee’s) 2017 Litecoin Predictions Have Played Out
Examining How Charlie Lee’s LTC Price Predictions in 2017 Panned Out Under a Microscope
As many of our readers are probably well aware of, over the course of the past few years, Litecoin founder Charlie Lee has made a number of outlandish price predictions. However, what’s worth noting is that these Litecoin price predictions have more often than not eerily come true. For example, as part of Lee’s forecasts, the crypto savant accurately spelled out LTC’s market bottom as well as suggested that the altcoin industry would reach its economic apex at the end of 2017.
Litecoin is often referred to as Bitcoin's little brother, or a testnet playground, and for those not aware of Satoshi Nakamoto Jr, or Charlie’s, credentials, he was an employee at Google as well as a managing director at Coinbase before founding the Litecoin project a few years back.
Lee currently works for the Litecoin Foundation so as to help spread awareness regarding cryptocurrencies as well as promote that adoption of alt-assets across the globe. In this regard, during a recent interview with Forbes, he was quoted as saying:
“When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders [that] wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get go. It was more widely distributed from the start than Bitcoin.”
A couple of years back, during the month of May, Litecoin became the first major crypto project to deploy the Segregated Witness (SegWit) protocol so as to eliminate many of the blockchain size limitation problems that were affecting the currency’s ecosystem (at the time).
However, a month before the above stated implementation process was initiated, Lee issued the following tweet:
I figured out what LTC price* will be when we have activated SegWit!
20% => $4
60% => $9
100% => $14
* This is not trading advice! 😁
— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2017
As can be seen from the tweet above, Lee correctly predicted that by the time SegWit would be fully deployed on the Litecoin network, the currency would surge — in this regard, it can be seen that on the day SegWit was implemented in its totality within the Litecoin ecosystem, the price of a single LTC token rose to a staggering $31.96 (a price point that was far above what even Lee was expecting it to go to).
Similarly, Charlie Lee also went on to accurately predict the start of the 2018 crypto winter when he announced in 2017 that technical indicators associated with the digital asset sector seemed to suggest that the price of LTC, BTC, ETH would drop by a huge margin in the coming 12-18 months.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017
If that wasn't enough, after releasing the aforementioned predictions, Lee announced to the world that he was selling all of his LTC holdings. On the issue, he then released the following statement to his company’s backers:
“…there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general. For this reason, in the past days, I have sold/donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC…”
Last but not least, another time when Lee’s soothsayer-like forecasts came true was when he stated that LTC would soon overtake BCH’s dominant market position — something that happened shortly after the premier altcoin was forked into BTC SV and BTC ABC (during the latter half of 2018).
Live Litecoin (LTC) Price:
1 LTC/USD =$173.6609 change ~ 4.70%