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. ?
Once you have 1 BTC, buy all the shitcoins you want! ? pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018
The reasoning behind Lee’s statements seems to be driven by the inherent scarcity built into Bitcoin, as there will only ever be 21 million in existence. In responding to Twitter followers with pessimistic outlooks on Bitcoin, Lee states, “Thank God we have people that believe wrongly like you. Otherwise, BTC would be too expensive today.”
Lee, who founded Litecoin in 2011, notably “sold and donated” all of his Litecoin in December of 2017, except for some physical tokens he keeps as collectibles, in response to critics who accused Lee of price manipulation.
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 actions were to further my own personal wealth above the success of litecoin and cryptocurrency in general.
In his tweet, Lee uses the term “shitcoin” to represent a majority of altcoins but later emphasizes that he does not think Litecoin fits this category.
While not necessarily tied to Lee’s comments, the price of Bitcoin has surged from $6,700 to around $7,440 today alone, representing an 11% gain.
More: Twitter Thread
Interesting: Robinhood Adds Support for Litecoin and Bitcoin Cash
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.