It has been common practice among users and investors of cryptocurrencies to advise newbies to heavily invest in Bitcoin, and then Ethereum as well, based on their inclination to achieve “Bitcoin maximalism”. It has been commonplace for a long time for experts to advise these investments before expending the money towards other “shitcoins“.
However, it’s not quite as common to expect this same advice from an alternative token developer himself. And yet, Charlie Lee, creator of Litecoin, did exactly that on Monday when he sent out a tweet instructing his followers on the platform to manage the purchase of at least 1 BTC before investing in any other cryptocurrency, LTC included.
“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,” Lee explained in his tweet. “Once you have 1 BTC, buy all the shitcoins you want!”
Lee created Litecoin in 2011 as a fork of Bitcoin. LTC has ways been marketed as a payments network rather than a direct competition to the dominant BTC – a so-called “silver to bitcoin’s gold”. Several Bitcoin maximalists also accept the value of LTC as a test-zone for the development of Bitcoin. This is probably because of the decision of LTC to adopt scaling solution Segregated Witness (SegWit) long before its adoption by Bitcoin.
Lee has reportedly sold all of his LTC stakes, as revealed in December. He made this move just a brief period before the crypto-market went on what has now become a seven-month long freefall. The former Coinbase engineer maintains that this move was necessary for him, as it would otherwise be a “conflict of interest” in his promotion of the project.
This decision had obviously given rise to some amount of controversy within the Litecoin community, but Lee held strong on his advice in response to critics – “The point is, 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,” he maintained. “And no, I’m not calling LTC a shitcoin.”