Litecoin’s Charlie Lee Thought LTC Was Going To Hit $1,000 USD Despite Selling Stash at $300 Range
Litecoin’s founder Charlie Lee recently appeared in Morgan Creek Digital Partner Anthony Pompliano’s podcast where he spoke about the early days of Coinbase, the reasons for building LTC and cryptocurrency ecosystem's evolution over the past decade.
New episode is live w/ @SatoshiLite!
We discuss the early days of Coinbase, why he originally built Litecoin, how crypto evolved over the last decade, what the current challenges are, and where Charlie sees BTC & LTC going in the future.
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— Pomp 🌪 (@APompliano) May 1, 2019
One interesting revelation in the interview was that when Lee decided to ell his Litecoin (at approx $300), he had expected the price to go as high as $1,000. Although he later added that it is almost close to impossible to predict the prices. He said:
“I actually personally did think it was going to keep going up. I didn’t think that was the peak…I thought it was going to hit $1,000. If anyone tells you they know they’re lying. No one knows if the price will go up or down. I’ve seen a few bull and bear markets. Sometimes it recovers. Who knows? I think if anything, it’s good we’re seeing some recovery. But don’t go all in. I tell people never to go all in.”
However, the reality right now is that Litecoin is currently trading at $74, which even though is more than double the value at the beginning of the year, is significantly less than $1,000. He has plans to make Litecoin more private and scalable which he expects will drive the prices higher. This will be done through a technology called Mimblewimble.
In the same interview, Lee said that he was optimistic about Bitcoin’s future. He believes that BTC has the potential to become the world’s reserve currency which will coexist with fiat currency. However, prices are expected to be volatile in the near future.
When asked if the crypto winter is over, Pomp replied by saying that he doesn’t think so.
“More likely than not, we’ve probably seen the bottom. But as many people in crypto learned, trying to time this stuff is a fool’s game. So we’ll see how it plays out.”
Lee was also a former employee of Coinbase and did not hesitate to provide some constructive criticism for the company. He criticized the recent acquisition of Neutrino by Coinbase by saying:
“They definitely made mistakes. The recent Neutrino acquisition was pretty dumb…When the news hit that people were upset, they doubled down on it and…we decided it was still the right thing to do. And they had to backtrack on that. That was pretty dumb and they didn’t handle it well.”