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In a discussion at Consensus Invest 2018, Arianna Simpson, a venture capitalist, and Lucas Nuzzi, a crypto-researcher, talked about the bear market and Litecoin and how Charlie Lee, its founder, sold all of his Litecoin to the # 39; peak.
In response to Litecoin's year-end forecast, Lucas Nuzzi, director of research at DAR Crypto, said he did not believe in Charlie Lee's investment in Lightning Labs and shed light on Litecoin's narrative as an access ramp at Lightning Network.
Arianna Simpson, venture capitalist of Autonomous Partner, added Nuzzi's point and said that Litecoin has no reason to exist. She continued:
"E & # 39; [Litecoin] it literally has no reason to exist; it's like a multimillion-dollar test. I'm sorry, it's a very expensive test network and I think the narration of its silver with gold bitcoins is bullshit, there's no need. "
Simpson went on to say that he has no investments in Litecoin. Furthermore, he said:
"And Charlie Lee has unloaded his entire stake at the height of the market to avoid a conflict of interest, as I'm sorry if you look at the balance sheet of the Treasury, which is public, I mean, they have a joke, so do not I'm particularly optimistic about the prospects. "
While Litecoin enthusiasts could be aggressively pushing for adoption, the price of Litecoin promptly followed that of Bitcoin and decreased by a total of 92% from its all-time high in January 2018.
There is also a FUD circulating on Twitter saying that Charlie Lee predicted the fall.
Charlie Lee clarifies his comment in the next tweet saying:
"Every pump I saw was followed by a bear cycle, the market needs time to consolidate, and this is only my experience of over 6 years of viewing this space, how low and how long it will be is not clear. But people must be aware of this possibility. "
At the time of writing, Litecoin was trading at $ 32, with a market capitalization of $ 1.90 billion with a 24-hour variation up 7%.
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