Charlie Lee Regrets Selling his Stake in Litecoin (LTC), Posits on His Eventual Departure
Litecoin founder, Charlie Lee, has recently opened up about selling his entire stake of his own cryptocurrency at the end of last year.
In a YouTube interview with Julian Hosp of TenX on Friday, Lee expressed that the decision he made in December does not feel right as the price of LTC has fallen way below the price he sold, which averages out at US$290.
Mr Lee cited that his aim was to remove all conflict of interest in order to guarantee the Litecoin Foundation can continue its development as the main considerations he made when deciding to offload his holdings.
Furthermore, SatoshiLite, as he is known on Twitter, commented that he is confident his move will benefit the Litecoin project “five years down the road when the price is back to the all-time high”.
He even philosophised on what it would take for his cryptocurrency to become truly decentralized.
“As for the future, I think eventually I would have to step away,” Lee posited “For a currency to really be a worldwide, decentralized currency, you can’t have a leader trying to control things. To make it more decentralized eventually I’ll step away.”
Litecoin was founded in 2011 and is one of the first cryptocurrency projects following Bitcoin’s inception and underground adoption. The coin is dubbed as the quicker and cheaper alternative to Bitcoin. Currently, Litecoin has a market cap of US$8 billion and has remained steady at around US$150 for the past two weeks.
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