Litecoin Creator Sells His Entire LTC Balance
The creator of Litecoin, Charlie Lee has liquidated his entire LTC and donated the entire sum of the world’s fifth largest cryptocurrency to the Litecoin foundation. He revealed this earlier this Wednesday. But that does not mean that he is abandoning the development and leaving it into the hands of somebody else. He will still be very much deeply involved in the development and continue to provide most of his contributions to the same despite the liquidation.
After revealing on Wednesday. Charlie Lee took to reddit to inform the community there that he had sold all of his LTC balance and had it liquidated. Once liquidated, he gave the entire amount to the LTC foundation that would only further help proceed the development of the cryptocurrency that he had originally created in the year 2011.
He clears the reason as to why he did this, majorly not because the price of the market is at a bubble at the moment and not because he no longer believed in the price, but rather he did this because he was contributing to a major influence within the cryptocurrency market and thus his remarks on any of the posts that he posted on social media had a major impact on the price of the coin.
He goes on to state that, “Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit,” he said. “So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence…And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.”
He also mentions that he no longer needed to rely on his LTC holding for any form of financial security and that selling his coins was the right thing to do. This allowed him to now focus on the success of his project and his end goals without being distracted on the perception that he has created an alternative financial incentive that is tied to its day to day movements.
He concluded stating, ““This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.”