- Litecoin creator Charlie Lee bought his total litecoin holding in December.
- He stated in an interview on Friday that “it feels prefer it’s not the correct determination” after the latest fall in litecoin’s worth.
- However he says he thinks it is the correct determination long-term as he tried to make litecoin a really 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 $eight billion and is the sixth largest cryptocurrency, in response to CoinMarketCap.com.
Lee bought his total litecoin holding on December 20, saying in a Reddit put up 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 determination to promote.
“I nonetheless assume it was the correct transfer however I query whether or not — I believe in the long term it was the correct transfer however within the quick time period whereas the worth is down, under the all-time excessive, it simply feels prefer it’s not the correct determination,” Lee stated.
Litecoin has fallen from a worth of round $322 per coin on the day Lee bought 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 worth crash, Lee stated: “However I believe like, shifting ahead, 5 years down the highway, when the worth is again to the all-time excessive, I really feel like will probably be the correct transfer.”
Lee additionally pressured that his litecoin holdings weren’t giant sufficient to maneuver the market when he bought.
“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’d dump it in the marketplace truly was a problem. Equally, Satoshi [Nakamoto, the creator of bitcoin], folks assume he has 1 million bitcoin and if he decides to promote it may actually crash the market.”
Lee has created and nonetheless controls litecoin however he stated his promoting his holdings “was positively step one” to stopping involvement and making litecoin a really decentralized cryptocurrency.
“As for the longer term, I believe ultimately I must step away,” he stated. “For a forex to actually be a worldwide, decentralized forex, you possibly can’t have a frontrunner making an attempt to regulate issues. To make it extra decentralized ultimately I will step away.”