Long term Bitcoin investors felt betrayed by Charlie Lee’s decision to sell all of his Litecoin. Investors felt that the move had a significant effect on the price and it is no more than a year now. The price has dramatically dropped from a whopping $350 to $35. The betrayal is raw in the air as some would argue. A factless figure barely 10% of Litecoin’s all-time highest price. Adding more pain to the wound, market capitalization of Litecoin staggers around a meager 2 billion dollars. Although Charlie Lee remains one of the most notable figures in the fintech industry, most investors have questioned his credibility.
Context Details about Charles Lee Litecoin Sale
Lee announced his move on 20th December 2017. A time when Litecoin was doing its best at a historic all-time price. The move to sell his Litecoins around this time of great performance warranted skeptical feelings on the founder’s intentions. In fact, Lee sold his coins just a day after it had hit above $375. Apparently, Lee argues that the dramatic turn of things had not been an intention. He added that people always had a way of laying blame the moment they lose money. He questioned whether none of the investors had expected a historic surge of up to $1000 after he sold his Litecoins. Lee dismissed the claims of inside information to the drastic event as silly. However, note that the founder failed to disclose the network detail of the sale.
Adoption Plans for Litecoin
Charles Lee exclaimed on an interview with ambcrypto on plans to stage massive adoption plans for Litecoin. The founder claimed he decided to shift gears and focus on ensuring that Litecoin can reach more industries, businesses, and people.
Charlie explained that plans were underway to integrate banking with the Litecoin Blockchain. In fact, the focus would be on introducing cryptocurrency related banking activities. The activities include introducing merchant solutions, Litecoin Debit Cards, and the creation of both crypto-fiat accounts for banking clients
Lee also noted that banking systems were reluctant to sign partnership deals with crypto related enterprises. However, the founder of Litecoin claimed that he would welcome any emerging interest as to form a crypto-banking partnership. The focus on mainstream adoption, therefore, seems an alternative to propel Litecoin to higher investment heights.
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