Litecoin Creator: ‘Buy A Whole Bitcoin Before Buying Any Altcoin’

The creator and founder of Litecoin is in the news lately for his crypto investment advice.
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According to Charlie Lee, newcomers should invest heavily in Bitcoin and – depending on their proclivity towards the “Bitcoin maximalism” – Ethereum as well, before investing in other (not-so-affectionated) altcoins.

Charlie Lee counseled his Twitter followers to obtain at least 1 BTC before buying any other cryptocurrency this Monday. What’s interesting is the fact that he even gave space to Bitcoin over his cryptocurrency, Litecoin (LTC).

As Lee stated:

“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 s–tcoins you want!”

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! 😂 pic.twitter.com/bc3xKKGB0m

— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018

The cryptocurrency Litecoin, by the way, was created in 2011 as a form of Bitcoin – and has marketed itself as a payments network – and many analysts described it as “the silver to Bitcoin’s gold” rather than a direct competitor to BTC.

In December 2017 (the peak of the market), Lee revealed that he had sold his entire LTC stake, which was a move that he made before the cryptocurrency market entered what is now known as a seven-month freefall.

Formerly working at Coinbase, Lee is now fully dedicated to Litecoin. He said that he sold his funds in order to remove what he believed was “a conflict of interest” in his promotion of the project. As he stated then:

“[W]henever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit,” he said. “So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.”

According to Lee, owning BTC is “more of a sure bet” compared to other altcoins. Still, he doesn’t label any coin as potentially bad – or in crypto’s terminology – “a sh*tcoin.”