Litecoin [LTC], the eight largest cryptocurrency by market cap, was in the limelight because of the Litecoin Foundation’s massive sponsorship. The coin marked its first major step towards adoption as the Foundation sponsored a UFC fight, which took place in December 2018, and Litecoin turned out to be one of the highlights of the match.
In the latest episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin spoke about the UFC sponsorship and the reason for the decision. The managing director also spoke about the hate the foundation received by Bitcoin maximalist for taking this step.
Charlie started by stating that the Foundation, in the past, has sponsored several individual athletes but they don’t often sponsor an event. He stated that the Foundation took this step because “it just seems like the reach is better.” He went on to say that this sponsorship, for him, was just about building the Litecoin brand because “everyone’s heard of Bitcoin, not many people have heard of Litecoin.” Lee also stated that the idea of sponsoring the event was by the community manager, who works for the parent company.
“So it kind of wanted like build that brand and make it more more well-known and it’s really kind of helped a lot. I mean we’ve reached a lot of people, [they’ve] have reached out to us, talked about like coin just because if they heard about the UFC sponsorship yeah. I think it’s pretty cool, plus that the fight was pretty amazing”
This was followed by Lee stating that they got “a lot of hate“ from Bitcoin maximalist, adding that the reason could be that the coin is a scam because the Foundation sponsored for an advertisement, or maybe because the coin has become a threat to Bitcoin. Succeeding this, Riccardo Spagni, the lead developer of Monero, aka fluffy pony also elucidated on the reason. He said:
“There’s his this idea that gets bounced around and has been has been said to me that anyone that doesn’t support bitcoin and bitcoin only is inherently evil because you’re distracting people away from Bitcoin. My context of that is there are people who have heard of Bitcoin and you know they for whatever reason they have not been to certain dipping their toe in the water or playing around with it”
He went on to say:
“maybe they hear about litecoin through the UFC sponsorship and they play with Litecoin because it’s maybe just a timing thing and through that experience of using Litecoin, they encounter Bitcoin and all their counterfeit coin when they’re more ready to do so and I think it’s very unusual for people to start with an old coin and completely disregard Bitcoin.”
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