Litecoin (CRYPTO: LTC) could soon see its exchange-traded fund debut on Wall Street, but creator Charlie Lee said it was a “headache” and wished he hadn’t gone through with it.
Don’t Do Anything Else But Buy Bitcoin, Says Lee
During an interview with CoinDesk that aired Sept. 30, Lee was asked for advice he would give to his younger self.
My advice for myself would just to be, I think this would be surprising to a lot of people, but which is to buy Bitcoin, store it away, don’t sell anything and don’t do anything else related to crypto. Just sit on it and be anonymous,” Lee replied.
Lee, a former Google employee, disclosed that creating Litecoin did not make him more money and was “a lot of headache.”
“I really envy Satoshi [Nakamoto] sometimes for what he was able to do, hopefully still alive. But being able to walk away and still no one knows who you are is powerful,” he added.
‘Silver To Bitcoin’s Gold’
Lee revealed that the idea behind creating LTC in 2011 was to create a “silver” to Bitcoin’s (CRYPTO: BTC) “gold.”
“And it’s the case right now where there are a lot of people using Litecoin because it’s easier to use. It has faster transactions, lower fees, so for everyday purchases,” he added. “Bitcoin is currency for kings and Litecoin is currency for the people.”
It’s worth noting that LTC is the most used cryptocurrency for transactions, according to cryptocurrency service provider BitPay, accounting for over 30% of the market in August.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Anticipation For LTC ETFs
Litecoin, whose core technology is also employed in Dogecoin (CRYPTO: DOGE), has evolved into a speculative and investment tool today, with a market capitalization of over $7 billion.
Moreover, leading asset managers such as Grayscale, CoinShares and Canary Capital have filed applications to bring LTC ETFs to Wall Street, positioning it on par with Bitcoin and Ethereum (CRYPTO: ETH).
Price Action: At the time of writing, LTC was exchanging hands at $2.97, up 3.85% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 8.68%.
BTC traded down 1.06% to $111.057 at last check.
Photo Courtesy: alfernec on Shutterstock.com
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