Litecoin (LTC) creator Charlie Lee took to Twitter today to advise his followers to purchase Bitcoin before any other cryptocurrencies, even the one he created himself. Most controversially, Lee seemed to refer to all other cryptocurrencies besides Bitcoin, including Litecoin, as “shitcoins”.
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) July 17, 2018
The story sparked quite a bit of discussion online, with many users criticizing Lee for his lackluster support of his own platform. Lee, who famously sold all of his Litecoin holdings in December, 2017, has been a controversial figure in the cryptocurrency industry for some time.
Lee claims to have sold his Litecoin in an effort to eliminate any “conflicts of interest” he might have as an influencer in the cryptocurrency industry. The former Google developer was particularly concerned about the effect his tweets might have on the cryptocurrency market. Many in the crypto community, however, were skeptical that Lee was simply trying to make an exit while cryptocurrency prices were at an all-time high.
Lee has remained an active developer and promoter for the Litecoin platform, even after selling all of his holdings. This newest tweet, however, has given fresh ammunition to Lee’s many critics.
Litecoin Prices Benefit from Bullish Turn in the Market
Twitter controversies aside, Litecoin has benefited handsomely from a recent turn in the cryptocurrency market. Currently the sixth-ranked cryptocurrency by market cap, Litecoin is +6.75% on the day and +15.98% on the week. This comes after a significant market decline which began in June and has extended throughout the first half of July.
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