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Litecoin founder Charlie Lee regrets selling his entire stake

Litecoin founder Charlie Lee regrets selling his entire stake

Litecoin founder, Charlie Lee, is now regretting somewhat for selling his entire holding in December, i.e., just before Christmas. The creator disclosed in a Reddit post that it was meant to remove the conflict of interest perception. He is a former employee of Google and Coinbase and developed the digital coin in 2011. Currently, the cryptocurrency is enjoying a market value of about $8 billion and ranked the sixth biggest in the sector. This is despite a significant drop in prices from the highs seen in December.

Right Move

However, Lee continued to remain as the chairman of the Litecoin Foundation that encourages the digital currency, as well as, its adoption. During an interview over YouTube, he expressed some regrets on his decision to sell his entire stake on December 20, Business Insider reported. The virtual currency creator said that “I still think it was the right move, but I question whether – I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision.”

When Lee sold Litecoin, the price of the digital token was hovering around $322 per coin. However, the current price is only around $152 per coin. The drop in prices has got nothing to do with his selling and is clearly in line with the trend seen in the cryptocurrency market. After peaking in December, most of the coin prices have plunged over 50 percent since then.

Despite the crash in the virtual currency market, the creator of Litecoin believes that when the price reaches all-time high again, he would feel that it could be the right move. That is probably five years down the line from now. He also pointed out that his holdings were not as big enough to warrant any significant movement in the market. He reiterated that he did not have several litecoins in his account.

Though the cryptocurrency market dropped significantly, it is a fact that it has improved from the lows seen only in the recent past. For instance, bitcoin price plunged below $6,000 level in early February and was trading below $7,000 level even in the initial week of the current month. However, the digital currency has managed to bounce back to trade about $9,300 level on Friday. That clearly indicated that the market is resetting itself as regulators are tightening screws.

Stopping Involvement

Lee indicated that people have thought he might resort to dumping his holdings in the market, which could have been an issue. He pointed out that bitcoin creator; Satoshi Nakamoto, is holding about one million coins. Therefore, if he decides to take a call in favor of selling, then it could have a serious impact on the market.

Litecoin creator believes that his selling was a first step towards stopping his involvement. He also wants to make the digital coin as a truly decentralized cryptocurrency. In respect of future, he thinks he would have to step down at one point in time. That is because he thinks that a leader should not control things for a currency to be decentralized one.

About the author

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Paul Walsh

Paul is the creator and host of ‘The Coinversation’, a podcast that focuses on the developments of cryptocurrency, interviewing a wide range of experts and entrepreneurs as well as building upon the work of Bitcoin Chaser’s analysts. To know more about Paul, follow him on Twitter.

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