In a very audacious move, Charlie Lee, the founder of Litecoin, announced in a Reddit post this morning that he sold all his LTC stake.
According to that post, Lee saw an increased pressure related to his own personal opinions:
[...] whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.
Apart from a few physical collectibles, Lee sold all its stake, feeling a little bit "weird":
For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing.
That's definitely an interesting move and it somehow walks in the footsteps of another audacious move I wrote about, the pineapple fund.
In the same announcement, Lee also stated that he's not abandoning Litecoin.
At the moment of writing, LTC, which is often compared to BTC, "as silver to the gold", was trading at $316, and had a total market cap of over $17 billion.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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