Yesterday, during an interview, Litecoin’s founder Charlie Lee spoke very clearly and negatively about the LTC halving and the fact that the value of the cryptocurrency could see a drop of 90%.
In fact, Lee points out that, although bitcoin and litecoin have already faced a similar situation, it is not said that there will be the same pattern at the level of prices. In fact, a lot of people have been buying LTC lately precisely in anticipation of the halving.
But Lee warns about this upcoming halving: even if it simply halves the mining reward, it will still force everyone to reorganise in various ways and many miners might even decide to turn off their machines because it might no longer be convenient to mine.
Moreover, Lee also discusses the question of the trend of prices in the crypto market and how in such a situation, where everyone buys in anticipation of the price increase in a constant manner, it is possible that in a few moments the price of a cryptocurrency can drop by as much as 90%. This, Lee explains, could happen also to LTC, resulting in a significant price drop.
Lee stated in 2017 that he had sold all of his Litecoin in order not to be deemed responsible for taking advantage of his influence to drive the price of LTC.
“I have sold/donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin”.
This is what he said on Reddit.