Charlie Lee: BTC is “Gold”, LTC is “Silver” and XRP are “Diamonds”
In an interview for the Chinese website Jinse.com, Charlie Lee, founder of Litecoin spoke about his vision regarding cryptocurrency, the comparison between BTC, LTC, and XRP, as well as the reasons why he decided to sell his Litecoins.
The interview was conducted while Charlie attended the Asian Blockchain Summit 2018 in Taiwan. During some free time, Mr. Lee took a moment to answer some of the questions asked by the team, giving some interesting insights regarding the world of cryptos.
Selling his Litecoins (LTC) Was a “Relief”
About the decision to sell his Litecoins, Charlie said it was a relief. He did so after carefully thinking through the consequences for two weeks. However, he does not regret it:
“it was less than two weeks in consideration. After selling it, I feel that there is no pressure … Because at that time I will also publish some predictions about the movement of the Litecoin market, but it always feels a bit strange.”
In this way, he eliminated the accusations of biased opinions and gained the possibility to focus on the development of Litecoin beyond speculating on its value in the markets.
Bitcoin (BTC) is Digital Gold
The famous developer commented that if he had to compare Bitcoin (BTC) with some commodity, in his opinion Bitcoin (BTC) is the closest thing to gold that exists in the crypto sphere.
Its massive adoption and the considerable increase in prices make it valuable digital storage for many people. This quality makes it perfect for accurate comparison with gold, being Bitcoin its digital equivalent:
“Bitcoin doesn’t need to face storage problems; it’s also very convenient to transfer. For me, he is better than gold in many places. If you are more optimistic, the market value of Bitcoin may be more than the 10 trillion market value of gold. More than 100 times the upside.”
Litecoin (LTC) is Digital Silver
Bitcoin (BTC) and Litecoin (LTC), according to Charlie lee, share the same philosophy. The fundamental difference lies in the fees required to process a block, and the speed of transactions:
“Litecoin (LTC) is trading four times faster than Bitcoin (BTC) but Bitcoin is more used. At present, the user base of Bitcoin and Litecoin is relatively close. Many people use Bitcoin and Litecoin at the same time
Ripple’s XRP is Digital Diamond
For Mr. Lee, the extreme centralization of XRP makes him share specific characteristics with the diamond market. First of all, centralization allows for some manipulation. Charlie also commented that hodling Ripple is good news for fiat lovers
“There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha!”