As founders of cryptocurrencies who spend countless hours working to develop everything from user base to currency value and security in order to create a reliable environment for its users, one would typically expect that a developer will at all times promote its coins.
But in contrast to this expectations, the founder of the world’s sixth largest cryptocurrency according to data by coinmarketcap has in a statement perceived as “unprofessional” upheld the value of owning a good amount of Bitcoin as opposed to altcoins, not excluding Litecoin,which he termed as shitcoins.
Lee shared on the 16th of July, in a tweet to his 783,000 followers the importance of owning 1 Bitcoin as a cryptocurrency investor, before possessing any altcoins. The tweet which was backed by a corresponding sarcastic meme read thus :
“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!”
In reply to Lee’s analytic investment suggestions, mixed reactions, most of which seconded the idea that Lee is not setting the right path for Litecoin to surpass other leading cryptocurrencies which they perceive as competitors would go on to flood Lee’s post.
Responding to one twitter user who explained the potential of Litecoin using Lee’s analogy for Bitcoin, he stated that “Litecoin has not achieved the status of Bitcoin”.
Counseling another user on harbouring FOMO, he cautioned that owning 1 Bitcoin is a firm assurance of a top stop in the crypto investment world as opposed to altcoins which are more riskier and create room for speculations. He conclusively reminded investors that long before Litecoin came along, his investment journey began with Bitcoin.
The former Coinbase engineer who now heads the Litecoin foundation and works full time to develop Litecoin had sold all his Litecoin on December 2017, in a bid to eliminate the question of whether or not he is aimed at any personal profits whenever he posted about the coin’s price.