Charlie Lee, Litecoin founder, has announced on Reddit that he has sold out all his Litecoin (LTC). The main intention was not to be related with price news. In the past weeks, he has been accused of shortening Litecoin.
Charlie Lee and Litecoin Promotion
Charlie Lee has always taken in his shoulders Litecoin’s promotion. And because of this reason, he has always been criticized. Charlie Lee shows himself as an open person, always saying what he believes. And this applies to different situations. For example, when Litecoin surged some weeks ago he said that the markets could suddenly crash and investors must be prepared for it.
“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs to consolidate. That’s just my experience from 7 years of watching this space,” he wrote on Twitter. “How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly.”
Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space.
How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly. https://t.co/ozcR11N68o
— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
Charlie Lee’s Reddit Post
The announcement says that he has sold and donated all his Litecoin to avoid potential conflict of interest. But he has also made clear that he will not leave Litecoin and its development. Litecoin has an important community of developers and Charlie Lee takes the leading.
“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,” Charlie Lee wrote. “And whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.”
MarketWatch has accused him for selling all his Litecoins due to an investigation related to a possible inside trading. He has answered this accusation saying that this it not true and that he is not being investigated.
Litecoin Bull Run
At the beginning of the year, Litecoin was traded at a price around $3.9 dollars. It has been growing during the whole year and reached $70 dollars by November. Since December, the price spiked and arrived at $375 dollars. Some exchanges were selling it for more than $400 dollars. At the moment of writing this article each Litecoin is worth $316 dollars. Its market capitalization reaches $17.2 billion dollars and in the last 24 hours has had $2.14 billion volume.
Are you going to buy Litecoin now that Charlie Lee does not hold Litecoin anymore?