Get One Bitcoin, Litecoin Founder Advises Investors
Coming from the founder of a cryptocurrency that has been around for a while, Litecoin’s Charlie Lee‘s latest tweet for investors to own at least one Bitcoin before any other – including Litecoin – has been met with mixed feelings.
Their bone of contention with the tweet which says that there will not be enough Bitcoin to go around for every millionaire to own one (at some point) is the inclusion of Litecoin in the shitcoins category – “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!”
While some of the respondents to the call think it is a mere honest advice for the crypto community to be wise with their investments, especially those who are just entering the crypto space, others see it as a reason to rebuke Lee for putting Litecoin low.
When queried on why he did not apply the same reasoning to Litecoin since there will be a maximum of 84 million of it hence investors should get some, he explained that owning other coins including Litecoin is much riskier than owning Bitcoin which is ‘more of a sure bet.’ “So before you speculate, invest in something solid first,” he states as he added that he’d owned Bitcoin before he created Litecoin. He warded off their accusations related to the comparison with another post that Litecoin has not achieved the status of Bitcoin yet.
Drop in Bitcoin Supply
There is a general belief that the number of Bitcoin in circulation can never complete the original 21 million created. There have been reports of people losing access to their wallets including those who died without giving out the keys to retrieve their stored Bitcoin. If it ever gets to that point, scarcity is evident in the case of Bitcoin as the lost coins will make the others more valuable – a drop in the supply will inadvertently make the demand rise. If this happens, Lee’s words may hold water.
It could also be that since Litecoin always follows Bitcoin, its gaining wider adoption will help push Litecoin to another record high just like it did last year. Lee has never shied away from dubbing Litecoin as the silver to Bitcoin being gold.
Olusegun Ogundeji writes on tech-related issues including from the crypto/Blockchain space.
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