The creator of Litecoin, Charlie Lee, has hinted that selling all his LTC stake late in December 2017 may not have been the best decision he made when viewed from a short-term perspective.
During an interview with Julian Hosp, the Founder of TenX, Charlie Lee stated that currently, with LTC being well below the all-time high of $374 it reached last year in December, he was second-guessing his own decision.
“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.”
While Litecoin holders were enraptured about the price spikes, considering the fact that LTC was priced at around $4 at the start of the year 2017, the mood dampened considerably when Charlie Lee made an announcement out of the blue that he had sold all his LTC to avoid a conflict of interest.
The announcement shook investors’ credence in LTC, causing the price to plummet. Charlie Lee was also heavily criticized as his move was apparently a show of weakness and poor leadership.
In his interview with Julian Hosp, Charlie Lee maintained that while things look grim at the moment, he expects his decision to contribute to the long-term success of LTC and benefit all cryptocurrencies on the whole.
He also added:
“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. But I think like, moving forward, five years down the road, when the price is back to the all-time high, I feel like it will be the right move.”
The price of Litecoin has fallen by 50% since this ordeal.
At the time of writing, Litecoin is priced at $152 with an increase of 3% in the past one week.
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