The founder of litecoin — a bitcoin-like cryptocurrency whose price has surged more than 80-fold this year — insists he’s not “abandoning ship” despite the fact he just sold all of his litecoins.
Citing a “conflict of interest,” Charlie Lee revealed in a Reddit post early Wednesday that he has “sold and donated” all of his litecoins — save for a few he’s holding as “collectibles.”
Lee says he made the surprise move after his recent tweets about the surging price of the bitcoin rival he created in 2011 were viewed as publicity moves to boost his own bank account.
“It bothers me that people would think that of me,” Lee told The Post in a phone interview Wednesday.
“This is not me abandoning ship,” Lee added. “If anything, I’m more committed than ever. This just removes the distraction.”
While bitcoin has captured headlines with its nearly 18-fold increase over the last year, litecoin’s rise has been even more dramatic.
Litecoin was priced at $314.01 as of 12:15 p.m. Wednesday — up more than 8,200 percent this year, according to Coinbase.
Regarding the surge in cryptocurrencies, Lee notes that they’re “pretty much impossible to predict.”
“I wouldn’t be surprised to see another bear market soon,” Lee said, noting how cryptocurrencies go up, consolidate and go up again.
But Lee stepped back from making bold predictions.
“I’ve been wrong more often than I’ve been right,” he said.
Now that litecoin’s success has given him a solid financial cushion — though he declines to say just how solid — Lee says he plans to focus on leading the development of the cryptocurrency.
“Litecoin being successful makes me happy,” Lee said. “It’s a greater reward than just money.”