Litecoin (LTC) was one of the best performing cryptos in 2017. I remember watching it climb from a little under $4 to its December highs of over $300. Then came the downer. Charles Lee, the founder, announced that he was selling all his Litecoin holdings. His reason? To avoid conflict of interest. While he believed this was a noble idea, the market clearly wasn’t impressed. Ever since that time, Litecoin has been on a downward trend, and it seems to have lost its glamor. So much so, that Litecoin has now lost its position on crypto ranking to the fast rising EOS. Of course, the cancellation of Litepay didn’t make things any better.
The pressure to regain its position is so much that Charles Lee now regrets selling his Litecoin holdings. In an interview with the TenX leader, Charles said that,
“I still think it was the right move but I question whether — I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision.”
Clearly, he is feeling the pressure of stagnation at a time when new and more hyped up projects are entering the market. However, this pressure could actually be a good thing for Litecoin in the long-run. Take for instance the moves that Charles Lee is making for Litecoin at the moment. Two days ago, it emerged that Charles is working on a deal with TokenPay. Many believe that if meetings between Charles and TokenPay are anything to go by, this deal is all but sealed. This deal will pretty much take Litecoin (LTC) to the mass market, and it’s good for its long-term growth.
Besides, there are other factors that are already driving up the value of Litecoin. For instance, a few days ago, there was a multimillion dollar transaction that proved the long-term value potential of this crypto. In this transaction, $99 million was sent using Litecoin and it cost just $0.40. That’s a pointer to Litecoin’s potential as the crypto that could replace fiat as the accepted means of payment for everyday transactions.
Litecoin could also benefit from Charles Lee’s announcement that at some point in the future, he could exit from Litecoin. While this might not look great on Litecoin in the short run, it is an asset in the long-run, because it will make Litecoin completely decentralized. Charles Lee himself envisions a similar future. He has been quoted saying that,
“For a currency to really be a worldwide, decentralized currency, you can’t have a leader trying to control things. To make it more decentralized eventually I’ll step away.”
The future of Litecoin is still bright! Once everything that is in the pipeline, such as the TokenPay deal is actualized, Litecoin (LTC) could easily rise to the top of crypto rankings. Flippenning is still within the horizon no matter the short-term pressures that this crypto is facing. Market pressure will push Charles Lee and the team to actualize this vision.