Charlie Lee on future of crypto: "you are going to see some coins die"

23 Dec, 2018 | Updated: 23 Dec, 2018
by David Robb
Opinion
Charlie Lee on future of crypto: you are going to see some coins die

Litecoin founder Charlie Lee has recently spoken to Bloomberg about the state of crypto and his own activities. According to Lee, only "a handful" of cryptos will eventually be used as money, and we "are going to see some coins die".

Lee claimed that "there’s obviously a lot of scams and currencies not useful at all" in crypto, "and those values will plummet". He is now focused on driving adoption of Litecoin (LTC), which is often seen as a faster and more efficient alternative to BTC for smaller transactions. Like most in the crypto space, he sees adoption as being the future path to success, and has been working with HTC, the Taiwanese smartphone giant that recently released a crypto-enabled device.

Read more: Update: First look at HTC's new blockchain smartphone, the Exodus 1

Lee faced some controversy this year over his decision to sell nearly all of his LTC holdings. This was apparently done to avoid a conflict of interest, although the fact that he was able to sell more or less at the peak of the bull market, with the LTC price plummeting shortly afterwards, led many to grow suspicious. 

Read more: Why did Charlie Lee sell all of his Litecoin?

According to Lee, "People lose money and they want someone to blame. And they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000." He recognizes that his actions led many to lose faith in LTC, claiming that it "definitely had some effect on people’s confidence in Litecoin, because people are used to traditional public companies. Unlike CEOs of public companies I am not paid to increase the shares of the companies."

Read more: Who is Charlie Lee?

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