It is definitely no secret that the world of crypto has significantly changed over the past few years. Awareness has grown, and with that brings increased popularity. However; it has completely changed and small businesses are no longer offering Bitcoin as a form of payment because the fees have just skyrocketed.
This change has not pleased everyone at all, and a number of high profile names are leaving the crypto space altogether, as the vision that they saw when they first got involved has long been dead. Two well-known investors have cashed out of their cryptocurrency positions almost entirely, and we are here to look at why this has happened.
Let’s look at the founder of Litecoin, Charlie Lee. He was once referred to as ‘Bitcoin’s silver’, and thanks to its close links to Bitcoin, Litecoin too has skyrocketed over this past year, gaining over 9000% of its value in under a year.
So why has he cashed out? Although he has long been one of the biggest promoters and supporters of Litecoin, many are stating that the price can never go down, which sparked warning signs for him. Although he has been very vague in his reasons, simply putting his ownership to now be a conflict of interest.
The second big name is Emil Oldenbuf, the original founder of the Bitcoin.com website. Despite being a massive supporter of Bitcoin, he now dismisses it as a form of money, and goes even further, saying that it is ‘the most risky investment a person can make’.
In an interview with Breakit, he said;
“It’s a group of fanatic Bitcoin talibans who themselves do not use Bitcoin everyday to want it like this. They see Bitcoin like digital gold and a technical experiment, not something you should actually use. It will never be a currency used in everyday life or for people who run companies.”
Despite this, the price of cryptocurrencies continue to rise, yet no one really knows what is round the corner – only time will tell this.