Litecoin Creator Regrets Selling His Entire Holding
Main page Opinion, Cryptocurrency, Litecoin
Hot topic
27 April

Charlie Lee, the founder of Litecoin cryptocurrency, has hinted that he has some regrets about selling his entire holding.

In an interview streamed over YouTube on Friday, he said that “it feels like it's not the right decision” after the recent fall in Litecoin's value.

Lee sold his entire Litecoin holding on December 20, saying the move was meant to remove any perception of “conflict of interest.”

“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,” Lee noted.

Litecoin has fallen from a price of around $322 per coin on the day Lee sold to $150 on Friday morning.

Despite the price crash, Lee said: “But 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.”

In his words, selling his holdings “was definitely the first step to stopping involvement and making Litecoin a truly decentralized cryptocurrency.”

“As for the future, I think eventually I would have to step away. 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.”

Lee remains the chairman of the Litecoin Foundation, which promotes the cryptocurrency and its adoption.

By Jade Olafson

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