Litecoin creator, Charlie Lee, on a podcast session with popular crypto influencer and Morgan Creek Digital partner Anthony Pompliano (less commonly known as “Bitcoin bug”), revealed that while he “offloaded” his litecoin holdings near the peak of the coin’s all-time-high price in 2017, he had thought the price was going to climb much higher.
Charlie’s “Conflict Of Interest” With Community Members Might Have Instigated The Sell-Off
The former Coinbase employee who also serves as the Managing Director of Litecoin Foundation, according to someone familiar with the matter, was in the midst of choosing between “not tweeting again” and selling off his LTC holdings in order to satisfy the curiosities of community members who, at that time believed that Lee’s tweets about Litecoin were only to gain traction in order to manipulate the markets for his own personal gains.
Choosing to rather not own any litecoin instead of going silent about his invention, Charlie added that at the time he sold his litecoin holdings, he expected the 2017 spree was catapulting the price of Litecoin to around $1000.
Lee made his decision known on Dec. 20, 2017, a day after the token recorded a high of about $375. The sale was done in three different trades and the average price came out to around $205. Lee miscalculated the impact of the bullish rally and thought that the price of litecoin was going to touch $1,000.
According to Charlie,
“I actually personally did think it was going to keep going up. I didn’t think that was the peak…I thought it was going to hit $1,000.”
Litecoin Price Since 2017