Litecoin’s Charlie Lee: Buy At Least 1 Bitcoin… Before Litecoin

Litecoin (LTC) creator Charlie Lee has advised cryptocurrency investors to buy Bitcoin (BTC) before any other asset – including Litecoin.


Bitcoin First, ‘Shitcoins’ Later

In a tweet dated July 17, Lee, who continues to pour time into Litecoin development and partnerships despite selling his own holdings earlier this year, appeared to refer to his creation as a “shitcoin.”

“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!”

Lee has frequently championed the potential behind Bitcoin and Litecoin in recent months, last week describing the two coins’ Lightning Network implementation as “the ultimate decentralized exchange.”

Litecoin Investors Wait For A Break

Other moves involving Litecoin specifically, including a partnership with TokenPay to acquire 9.9 percent of a German bank this week, have drawn criticism, with trader Tone Vays publicly implying that Lee partnered with a “scam” company purely for financial gain.

Lee nonetheless vigorously defended the latest Bitcoin plug in the face of comments from those surprised by an apparent snub of Litecoin by its own developer.

Responding to other Litecoin investors, however, Lee appeared to stop short of telling them to sell their holdings for Bitcoin.

“…Do sell your shitcoins for BTC and LTC,” he added.

Litecoin investors have failed to see much action this year as prices remain on a slow downward trajectory, passing below $80 for the first time since November in late June and hovering around those levels since.

Prospective investors appear unfazed by fiat value, meanwhile, with recent surveys of US and South African markets revealing consumers still regret not buying in.

What do you think about Charlie Lee’s investment advice? Let us know in the comments section!


Images courtesy of YouTube, Twitter

Source: Bitcoinist

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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