In a time when Bitcoin is still considered as the poster boy and bellwether of the cryptocurrency industry, the founder of Litecoin, Mr Charlie Lee, has expressed a slightly different opinion. He has stated that not only Bitcoin (BTC) but Litecoin (LTC), as well as Ethereum (ETH), also have enough credibility to be termed as a bellwether.
Charlie Lee draws inspiration from Bitcoin
In one of his most recent tweet, Charlie Lee went on to explain, why he feels that Ethereum and Litecoin should also be termed as Bellwether cryptos like Bitcoin.
Lee says that just like Bitcoin, both Ethereum, as well as Litecoin, are the only other coins that are traded on every single major crypto exchange while also able to be stored on every hardware wallet. He further says that these characteristics cannot be seen in any other coins because it is either not possible to transfer them to hardware well or they are not listed on every exchange.
Notably many people went on to respond to Lee’s tweet, suggesting that there are many other coins that match his criteria to be termed as bellwether coins. While a few users suggested Dodgecoin and DigiByteCoin many other got the impression that the founder of Litecoin was taking a jab at Bitcoin Cash.
Notably, Lee has also gone on to say that he got his inspiration to launch Litecoin from Bitcoin at the recently conducted Money 2020 Conference, where he also said that cryptocurrencies are
“one of the best forms of money to have been created by man.”
While giving a speech at the conference, Lee also spoke on the topic of the privacy coins and its importance. Particularly, discussing the fungibility of several digital currencies.
Mr Lee also made sure to highlight the fact that Bitcoin cannot be termed as fungible as one can easily track its origin, he also said that when an individual sends Bitcoin, they can see the amount of Bitcoin owned by the recipient. Lee then said, when you compare this to other coins such as Zcash and Monero, they have made sumptuous investments for improving the privacy of their transactions. Lee also believes that these altcoins are toppling the crypto industry.
Although Lee has given his reasons for choosing Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETC), bellwether has stood its ground on picking Bitcoin (BTC) to accommodate the top position for a very long time, stating that it would be an uphill task to dethrone it.