When you’ve been in the industry as long as Charlie Lee, it isn’t uncommon for them to start giving out advice to newcomers in the industry.
The creator of Litecoin has recently advised to newcomers that you should invest heavily in Bitcoin and Ethereum before you go head first into any altcoins, but what’s strange is that he’s given himself the same advice.
On Monday, Lee did exactly that when he told his Twitter followers to obtain one full Bitcoin before buying any other form of cryptocurrency (which includes Litecoin).
Lee went on to say on Twitter:
“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 (including Litecoin), try to own at least one Bitcoin first… once you have one Bitcoin, buy all the s**tcoins you want!”
Created in 2011, Litecoin has always shown it self to be a payments network, instead of a direct competitor to big cryptocurrencies like Bitcoin and Ethereum.
Even Bitcoin fanatics, have recognised that Litecoin has value as a ‘testbed’ for the development of Bitcoin.
A conflict of interest?
Back in December, Lee revealed he had sold his entire stake in Litecoin which was a move he made just before the market when into, what is now, a seven-month freefall.
The Litecoin creator, is now working full time at Litecoin and he sold his investment as he wanted to remove what he believed was a “conflict of interest” for the promotion of his new project.
“Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. So, in a sense, it is a conflict of interest for me to hold LTC and tweet about it because I have so much influence.”
This decision was clearly a controversial one in the Litecoin community, something which critics were quick to act upon after Lee tweeted that you should buy at least 1 Bitcoin before jumping into any other Altcoins.
Lee explained his point by saying:
“Don’t think of it as missing out. Owning other coins is much riskier. Owning BTC is more of a sure bet. So, before you speculate, invest in something solid first… and no, I’m not calling LTC a s**tcoin.”