Bitcoin first, ‘shitcoins’ later, says Litecoin’s Charlie Lee

Litecoin founder Charlie Lee has advised people to buy Bitcoin (BTC) instead of any other digital asset – including Litecoin. He made the statement on Twitter on July 17 advising people to buy at least 1 Bitcoin (BTC) before they invest in other altcoins, including his own Litecoin, calling them ‘shitcoins’.

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first,” he wrote. “Once you have 1 BTC, buy all the shitcoins you want!”

See also: Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes

Lee’s interest in Bitcoin is not new. In fact, it led him to leave his job at Google in 2011. By the end of the year, he created a fork of Bitcoin, and it is currently known as Litecoin. The aim of Litecoin was to improve more on the groundwork laid by Bitcoin and wanted the crypto as the perfect “testing ground” for BTC and crypto innovation.
Lee’s Litecoin (LTC) had faster transfer speeds, lower mining fees and shorter confirmations as compared to Bitcoin. Moreover, the max supply of LTC was raised to four times than that of Bitcoin. It provided more liquidity to the market while keeping the per coin price low.

So, it’s not really a surprise to hear Charlie Lee backing Bitcoin. He had been in the crypto industry for a pretty long time and had been backing the number one crypto. However, it is shocking that he is putting BTC ahead of his own currency even while dispensing investment advice. It is however also to be noted that Lee is considered to be an endearing figure in the crypto industry and he is known to put forward what’s best for the industry.

See also: International finance watchdog surprisingly backs Bitcoin, cryptocurrencies

In other news, Charlie Lee posted a noted clarifying about the Litecoin and Token Pay partnership. He wrote, “To be clear, LF did not pay any money for this stake in the bank. The plan is also for me to get a board seat at the bank.” He also listed best-case and a worst-case scenario of the partnership.

Other Related Articles

• Three Bitcoin mining firms become China’s first crypto unicorns
• Bitcoin [BTC] prices shrug off yet another mining rig crash

Image via Shutterstock

Join our Telegram group