Charlie Lee reveals why he sold his Litecoin; says BTC is gold, XRP is diamond 19614
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Pinaz Kazi
Jul 27, 2018 at 10:33 AM

Litecoin founder, Charlie Lee in a recent interview shared his thoughts about cryptocurrencies – Bitcoin (BTC), Ripple’s XRP and Litecoin (LTC). He also revealed the reason why he sold his Litecoins (LTC).

While speaking with Chinese website Jinse.com, Lee said that the decision to sell his Litecoins were more of a relief. He further added that he took the decision after contemplating it for almost two weeks. In fact, the step actually eliminated the biased opinions, giving him the chance to delve deep on the development of Litecoin.

See also: Litecoin to go neck-to-neck with Ethereum?

He said, “…it was less than two weeks in consideration. After selling it, I feel that there is no pressure … Because at that time I will also publish some predictions about the movement of the Litecoin market, but it always feels a bit strange.”

Lee believes that short-term prices has got nothing to do with whether the Litecoin is doing good or not. He said, "The six-month LTC has fallen so much, but it has done a good job in development. There have been new partners to join, and more people have begun to contact Litecoin.”

Bitcoin (BTC) vs other cryptos

According to Lee, Bitcoin (BTC) can be said to be the only thing that’s close to gold in the crypto world. He further goes on to say that considering its massive adoption rate and its decent increase in price makes it valuable for people to store it. He believes Bitcoin will always be the "king of cryptocurrency"

He said, “Bitcoin doesn’t need to face storage problems; it’s also very convenient to transfer. For me, he is better than gold in many places. If you are more optimistic, the market value of Bitcoin may be more than the 10 trillion market value of gold. More than 100 times the upside.”

Lee’s view on Ripple’s XRP

While speaking about Ripple’s XRP, he said that the extreme centralization of the coin makes him believe that it’s like a diamond in the crypto verse. According to him, centralization allows manipulation.

See also: Wirex receives $2 million worth Ripple’s XRP deposits in 12 hours

He said, “There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha!”

Litecoin (LTC): Digital Silver of crypto-verse

According to Charlie Lee, Litecoin is undervalued against Bitcoin. The overall market value of Litecoin or as he say “digital silver" would be lower than Bitcoin. The main difference being the fees for processing a block, and the transaction speed.

He said, “LTC is trading four times faster than Bitcoin (BTC) but Bitcoin is more used. At present, the user base of Bitcoin and Litecoin is relatively close. Many people use Bitcoin and Litecoin at the same time.”

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