The creator of Litecoin (LTC), Charlie Lee, has advised buying at least one Bitcoin (BTC) before any other cryptocurrency out there… including LTC.
‘Once You Have 1 BTC, Buy All the Shitcoins You Want!’
On July 17th, Charlie Lee, who infamously sold his own holdings of LTC earlier in the year, advised investors to buy at least one Bitcoin before buying any other “shitcoin.”
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first.
Once you have 1 BTC, buy all the shitcoins you want!
While the community was immediately triggered, thinking that Lee referred to his own creation as a “shitcoin,” some of the users pointed out that’s not what the post is about. Lee agreed with one user who said:
He didn’t say every coin outside BTC is s**t. He just said after you have 1 BTC you can buy all the s**t coins you want.
Price Spikes Soon After
Soon after the tweet, Bitcoin (BTC) broke its 50-day moving average, currently trading at $7437.61, marking a staggering 11.05 percent increase in the last 24 hours, according to CoinMarketCap.
While users are scraping the internet for information backing the unprecedented rally, a lot of them seem to tie the increase to the wave of positive news surrounding the first and foremost cryptocurrency.
Earlier this week, news broke out that BlackRock – the world’s largest ETF provider – is looking into Bitcoin and other cryptocurrencies. Furthermore, Goldman Sachs announced the appointment of their new CEO, David Solomon, who has been outspoken about his positive stance on Bitcoin.
Whether or not we’ve entered a long-awaited bull run is something we have yet to confirm, but it seems good days might be ahead for Bitcoin.
Do you think Bitcoin has bottomed and has entered a bull run? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock and Twitter/@SatoshiLite.