After Litecoin reached an all-time high, its creator Charlie Lee sold off all his LTCs. Lee said he already cashed out having sold all of his holdings of the cryptocurrency he invented.
In 19th December, Litecoin reached its peak price of over $370 per piece. Many were surprised that its creator had to take all his earnings out from the market, citing conflict of interest. Lee said that his comments on social media have influenced Litecoin performance.
Lee declined to reveal the total amount that he has divested from the LTC market, but he assured that this decision will not crash the market.
Asked about Litecoin’s growth and his own financial health, the creator said that developing the altcoin has been very good for his finances, in a level that he already has enough and no longer need to tie his financial success to the performance of his creation.
Aside from several pieces of physical Litecoins in his collection, Lee confirmed that he no longer own a single Litecoin for the first time in six years.
Even though Lee’s divestment might not have any direct impact in the market, it can still affect trading sentiment and may cause people to lose faith as it seems that the creator also lost faith in the platform.
However, Lee asserted that this move will bring more long-term benefits for the Litecoin, and confirmed that he is still fully engaged with the platform. He said that he will be less distracted by the price of his holdings so he can focus more on developing the altcoin.
As expected, not everyone in the Litecoin community believes that Lee’s divestment is done in good faith. Some comments in social media reveal that Lee’s move could be driven by the apparent stormy launch of Coinbase’s Bitcoin Cash trading, which Lee vehemently denied.