Litecoin founder Charlie Lee advises people to own 1 BTC before buying altcoins

22 Jul, 2018
by Matthew Kim
News
Litecoin founder Charlie Lee advises people to own 1 BTC before buying altcoins

Once a well-liked creator of one of the most successful altcoins, Charlie Lee has been at the center of some controversies in recent times. Now, Charlie Lee is making headlines again by giving his followers investing advice.

On July 17th, Charlie Lee advised his twitter followers to buy “at least 1 BTC” before investing in other cryptocurrencies, reminding people that “there will be at most 21 million bitcoins in existence”. This narrative has been repeated many times within the cryptocurrency space. While the content of his tweet is not inherently controversial, the context of the tweet – the history of Charlie Lee and the wording of the tweet – was roused the twitter crowd.  

Charlie Lee was most criticized for announcing and dumping all of his Litecoin (LTC), tokens of his own project, on the market at the all-time-high. Although Lee sold off his Litecoin to take out his bias for the price of Litecoin while working on the project, many people blamed him for crashing the price of Litecoin. With the event still fresh in some people’s minds, they found it difficult to swallow that Lee was now giving advice on investment.

Furthermore, some people took offense to how he supposedly categorized all altcoins as “shitcoins” on the tweet. Although others argued that Lee did not mean to include his own project in the categorization of “shitcoins”, many people thought Charlie Lee was distastefully trashing his own project, which did not sit well with Litecoin holders and his critics.

Emotions are normally running high on cryptocurrency twitter because of the involvement of money, and Charlie Lee sometimes pokes the community in the wrong spots. Although Lee does not seem to purposely upset people most of the time, people seem to continue to distrust and dislike him for what happened in the past.

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