- Litecoin creator Charlie Lee offered his whole litecoin holding in December.
- He stated in an interview on Friday that “it feels prefer it’s not the appropriate choice” after the current fall in litecoin’s worth.
- However he says he thinks it is the appropriate choice long-term as he tried to make litecoin a very decentralised cryptocurrency.
- You can follow the live litecoin price on Markets Insider.
LONDON — The founding father of cryptocurrency litecoin has hinted that he has some regrets about selling his entire holding shortly before Christmas.
Developer Charlie Lee, a former Google and Coinbase worker, created litecoin in 2011 as a quicker and cheaper alternative to bitcoin. Litecoin has a market cap of $8 billion and is the sixth largest cryptocurrency, in accordance with CoinMarketCap.com.
Lee offered his whole litecoin holding on December 20, saying in a Reddit submit the transfer was meant to take away any notion of “battle of curiosity.” Lee stays the chairman of the Litecoin Basis, which promotes the cryptocurrency and its adoption.
In an interview streamed over YouTube on Friday, Lee hinted at some regrets about his choice to promote.
“I nonetheless suppose it was the appropriate transfer however I query whether or not — I feel in the long term it was the appropriate transfer however within the quick time period whereas the value is down, under the all-time excessive, it simply feels prefer it’s not the appropriate choice,” Lee stated.
Litecoin has fallen from a worth of round $322 per coin on the day Lee offered to $150 on Friday morning. The decline is in-line with the broader cryptocurrency market, which has broadly halved in measurement since a peak in December.
Regardless of the value crash, Lee stated: “However I feel like, transferring ahead, 5 years down the highway, when the value is again to the all-time excessive, I really feel like will probably be the appropriate transfer.”
Lee additionally confused that his litecoin holdings weren’t giant sufficient to maneuver the market when he offered.
“I did not even have that many litecoins,” Lee stated. “My promoting litecoins did not truly have an effect on the market itself however the truth that I had litecoins and other people had been pondering that I would dump it in the marketplace truly was a difficulty. Equally, Satoshi [Nakamoto, the creator of bitcoin], folks suppose he has 1 million bitcoin and if he decides to promote it might actually crash the market.”
Lee created litecoin and nonetheless controls its growth however he stated his promoting his holdings “was positively step one” to stopping involvement and making litecoin a very decentralized cryptocurrency.
“As for the long run, I feel finally I must step away,” he stated. “For a forex to actually be a worldwide, decentralized forex, you may’t have a frontrunner attempting to regulate issues. To make it extra decentralized finally I am going to step away.”