Charlie Lee opines that investors are to own at least 1 Bitcoin (BTC) before purchasing Altcoins. He posted this on his twitter handle on the 17th July.
Buying the Bitcoin before Altcoins
Charlie Lee, a computer scientist, reputed for the creation of Litecoin (LTC) cryptocurrency, and also as the head of the Litecoin Foundation, stated through his twitter handle on the 15th of July that investor should own 1 Bitcoin before owning Altcoins which included Litecoin.
This he stated on his twitter handle,
“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 (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!”
The reason for this statement might be driven by the fact that there will only ever be 21 million Bitcoin in existence, thus the inherent scarcity. This is coming as a call for investors to have a share of the currency before it becomes unaffordable or unavailable for easy reach.
Lee became well noted in 2011 after he sold and donated all his Litecoin in December of that year. He faces criticism for price manipulation through this act, to this he responded that,
“I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own wealth above the success of litecoin and cryptocurrency in general.”
As this was trending online, meanwhile, Bitcoin continues its bearish move to 11% increase in just a single day, continuing the trend from the previous day. The new surge is the first significant rise in Bitcoin after an extended period of fall from about the $20k mark. The further growth might be a good omen for what is to come shortly, as the crypto world continues to thrive.