Charlie Lee Recommends Buying Bitcoin Before Other Currencies, Including Litecoin
Anyone would be expected to support their own product, including digital assets and tokens with the unimaginable amount of work poured into the development of every detail and its structure such as security, value and transparency. This is why it comes as a surprise that the creator of Litecoin is encouraging buyers to purchase Bitcoin before thinking of any other alternative coin available.
As the sixth ranking coin among the top major cryptocurrencies in the world, its founder recently made statements regarding the value of possessing Bitcoins instead of other cryptocurrencies, with Litecoin among them. Charlie Lee also dubbed alternative coins as Shi*coins.
This week, the coin’s creator posted on Twitter, speaking to his almost 800K followers on how vital it was for any digital asset investor to at least own one BTC prior to the purchase of any other coin. In his post, he said that as of now, almost 21 million BTC’s are currently operational. He says that the number isn’t even enough for every investor to own at least one token and suggested that having one Bitcoin in your possession was more important than owning any other coin.
Many mixed reviews rose to the surface after the coin’s developer made his statements with many frowning at his unprofessional representation of his Litecoin. His post gathered an incredible number of reactions with many agreeing that the founder was hindering any chance Litecoin had against its competition. In response to one poster using the same analogy to promote Litecoin and describe its future potential, Charlie Lee stated that his own digital coin is not on the same level as Bitcoin and has yet to reach it.
Lee spoke to another user on the Fear Of Missing Out, warning against the unreliable nature of alternative coins and saying that having at least one Bitcoin in possession is a guarantee of involvement in the digital investment industry. He then began recalling and reminding everyone of his initial involvement and introduction to cryptocurrency through Bitcoin prior to the creation of his own coin.
As a means of debunking any rumors or accusations that Lee was profiting off his currency by regularly commenting on its price at the time, Charlie Lee sold his entire Litecoin stash last year.