The founder of litecoin just tapped out of his position amid this year&rsquo,s 7,500-percent rally.
Speciaal from a few collectible coins, Charlie Lee sold or donated all of his stake ter the fifth-largest cryptocurrency ter the world this week spil it lingered near $330.
&ldquo,Litecoin has bot very good for mij financially, so I am well off enough that I no longer need to tie my financial success to litecoin&rsquo,s success,&rdquo, Lee said ter a Reddit postbode. &ldquo,For the very first time ter 6+ years, I no longer own a single LTC.&rdquo,
He didn’t comment on the size or value of his transaction, but said it represented a puny portion of daily volume and &ldquo,did not crash the market.&rdquo,
A Reasonable Retreat
The sale had little to do with Lee&rsquo,s faith ter the six-year-old coin.
&ldquo,I&rsquo,m not quitting Litecoin,&rdquo, he wrote. &ldquo,I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded ter lots of different ways, just not directly via ownership of coins.&rdquo,
The disposition is intended to prevent conflict of rente spil Lee touts the cryptocurrency on social media, discusses its price and potentially moves the market.
&ldquo,Te a sense, it is conflict of rente for mij to hold LTC and tweet about it because I have so much influence,&rdquo, he wrote. &ldquo,I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my deeds were to further my own individual wealth above the success of Litecoin and crypto-currency te general.&rdquo,
Despite his professed commitment to litecoin, Lee anticipates a &ldquo,short-term dip due to people losing faith thinking that I&rsquo,ve lost faith,&rdquo, he told Bloomberg.
Spil of publication, tho’, litecoin traded higher around $344.56, according to coinmarketcap.com.
Benzinga does not provide investment advice. All rights reserved.
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