Litecoin Founder Says He Won’t Buy Back LTC After Dumping His Coins Last December
Charlie Lee, the founder of Litecoin (LTC), is not considering purchasing LTC after notably “selling and donating” all of his holdings last December when the price was at all all-time high, in an effort to dispel ongoing criticism of insider trading activity.
— CNBC's Fast Money (@CNBCFastMoney) August 27, 2018
During an interview on CNBC’s Fast Money, Lee fielded questions related to Litecoin and the larger market. While he was hesitant to give any real response when pressed for price predictions, Lee noted that, from his experience, the price rebounds can take anywhere from 6 months to a couple of years.
When specifically asked whether or not he’s looking to invest again in LTC, which now trades at roughly an 84% discount from when he originally sold, Lee re-emphasized that he sold for conflict of interest purposes and will not be buying back in.
Despite his reluctance to re-purchase his own digital currency, Lee does provide some sound advice regarding investment strategies.
I think it’s good to buy on the way down, to dollar-cost average your buy-in. That’s what I would recommend for everybody to do. As long as you don’t spend money that you can’t afford to lose, I think that this strategy is fine.
While Litecoin has seen a massive drop-off in value over the last 8 months, many investors and companies have begun to note its potential upside. For example, the Tel Aviv-based social trading platform eToro recently released a market research report on Litecoin, asserting that it is currently trading at a massive discount.
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.