Litecoin boss Charlie Lee is an unusual cryptocurrency figurehead. Not only did he sell out of his Litecoin holdings, but now he is encouraging people to buy bitcoin before they diversify into anything else. This balanced and honest approach has divided the crypto community: most find it refreshing, while some claim that he is making a fool of Litecoin holders.
In a tweet today Lee said that cryptocurrency investors should aim to buy at least one bitcoin before considering any other digital asset. “There will be at most 21 million bitcoins in existence,” he said, which meant that there was not enough for every millionaire to have one each.
Bitcoin’s scarcity means that “before you buy any other coin,” including Litecoin, you should “try to own at least 1 BTC first.” After that, you can, “buy all the sh*tcoins you want!”
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. 🥅
Once you have 1 BTC, buy all the shitcoins you want! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) 17 July 2018
Lee famously (or notoriously) sold his Litecoin near the top of 2017’s bull market, a decision he later regretted as the subsequent fall in price made it look like he was privy to special knowledge. Ever since he has been accused by internet commenters of a lack of commitment to the Litecoin cause.
Receiving pushback from followers who thought he was suggesting that Litecoin was a “sh*tcoin”, he clarified his position in a follow-up tweet. Bitcoin, he said, “is more of a sure bet,” so is a good foundation before speculating on riskier altcoins.
The point is, don’t think of it as missing out. Owning other coins is much riskier. Owning BTC is more of a sure bet. So before you speculate, invest in something solid first.
And no, I’m not calling LTC a shitcoin.
— Charlie Lee [LTC⚡] (@SatoshiLite) 17 July 2018
He also pointed out that this was the way he developed his own cryptocurrency: “I owned BTC before I created LTC,” he said.
When asked if the same logic applied to LTC, which also has a limited supply, he said that, “Litecoin has not achieved the status of Bitcoin yet.”
Image From Shutterstock
