During the the 2017/2018 crypto bull run, the Litecoin Founder, Charlie Lee may have made one of his best trades when he sold his entire Litecoin holding in December 2017 sighting a conflict of interest. In a way, the Litecoin Founder predicted the ongoing crypto market crash.
Lee admitted he would be able to manipulate the price of LTC simply by his tweets and his massive twitter followings. Lee also remarked that he wanted to help the project and focus on its growth, and it was in his best interest to remove his ability to affect the price completely by offloading his entire holdings.
Lee ultimately noted that the price of cryptocurrencies had risen at such a rate that he believed it was a good time to sell. In his famous tweet, Lee said; “Ok, sorry to spoil the party, but I need to reign in the excitement a bit… Buying LTC is extremely risky.”
The LTC founder then goes on to explain that he expects to see a multi-year market crash similar to previous market crashes that saw LTC price drop by 90%. And he ended the tweet by saying; “So if you can’t handle LTC dropping to $20, dont buy!”
Charlie Lee may appear to be right in his prediction, so far Litecoin is hovering around $25/1. Does this suggest that we could ultimately end up with an extended bear market running into 2019? Only time will tell.