Litecoin creator, Charlie Lee, on a podcast session with popular crypto influencer and Morgan Creek Digital partner Anthony Pompliano (less commonly known as “Bitcoin bug”), revealed that while he “offloaded” his litecoin holdings near the peak of the coin’s all-time-high price in 2017, he had thought the price was going to climb much higher.
Charlie’s “Conflict Of Interest” With Community Members Might Have Instigated The Sell-Off
The former Coinbase employee who also serves as the Managing Director of Litecoin Foundation, according to someone familiar with the matter, was in the midst of choosing between “not tweeting again” and selling off his LTC holdings in order to satisfy the curiosities of community members who, at that time believed that Lee’s tweets about Litecoin were only to gain traction in order to manipulate the markets for his own personal gains.
Choosing to rather not own any litecoin instead of going silent about his invention, Charlie added that at the time he sold his litecoin holdings, he expected the 2017 spree was catapulting the price of Litecoin to around $1000.
Lee made his decision known on Dec. 20, 2017, a day after the token recorded a high of about $375. The sale was done in three different trades and the average price came out to around $205. Lee miscalculated the impact of the bullish rally and thought that the price of litecoin was going to touch $1,000.
According to Charlie,
“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.”
Litecoin Price Since 2017
In Mid-2017, the crypto-verse experienced a historical bullish season in which major cryptocurrencies caught the bullish fever and skyrocketed in value in about half a year.
Among the cryptocurrencies that benefitted from this bullish season was Litecoin (LTC) which had risen more than 400% in Dec. 2017. Litecoin was trading $375.25 on the 19th of Dec. 2017. The whole frenzy soon faded into thin air not long after with an unprecedented inbound bearish market in which Litecoin tumbled down and was reduced to a fraction of its all-time-high. It is now trading even lower than its September 1, 2017, price of $77.
Litecoin’s Future As Seen By Charlie Lee
With respect to price, Charlie showed uncertainty while maintaining that it would be a better idea to stay calm and speculate carefully while the market takes its course. He also said that whoever claims to foresee the direction of price movements might be a misleading influence on the people. According to Lee,
“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.”
In terms of development, some of the things that Charlie is currently working on that could have an influence on the price of litecoin are adding fungibility features to Litecoin to ensure more privacy and scalability. A technology called “Mimblewimble” utilized to make Litecoin more fungible to ensure that one Litecoin is the same and equal to every other Litecoin.
Further, in a series of tweets, Charlie Lee recently mentioned that he was more engrossed in methodologies leading to the adoption of Litecoin than he was committed to further developments. Lee maintained that Litecoin had been steadily developing with regular contributions from “certain software engineers who aren’t very active on social media.”
1/ Just want to set the record straight.
In the 8 years history of Litecoin, we've only had a handful of core developers working on Litecoin Core.
— Charlie Lee [LTC⚡] (@SatoshiLite) August 11, 2019
“For the past months, I believed adoption and awareness was a more important focus for me than development…
“Adrian Gallagher (AKA thrasher) is leading Litecoin Core development right now and has been for a few years now. You may not know Adrian well as he is not on Twitter much, but he is awesome. He quietly has been working hard behind the scenes on Litecoin Core development.”
At press time, Litecoin is trading at $65.30, 33% lower than its price just a month ago on August 2, 2019.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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