June 14, 2021

Litecoin Creator: Companies Will Start Buying Bitcoins Following Tesla's Example

Charlie Lee spoke about how an automaker's investment in digital money will change the usual financial system.

Charlie Lee's creator of the Litecoin cryptocurrencyAn interview with Decrypt said that after Tesla announced a $ 1.5 billion purchase of bitcoins, other major companies could follow the automaker's example.

“This is the turning point when the richest manbelieved in bitcoin in the world, ”said Lee. He noted that Tesla also stated that bitcoins received from cars will not be converted to fiat money at points of sale.

“I think this is very important,” Lee said. Whencompanies will start accepting bitcoins without selling them later, we will begin to abandon the fiat system. We will have a closed economic system in which sellers accept cryptocurrency, pay wages and use it in settlements with counterparties. "

Charlie Lee introduced Litecoin in 2011 whenbitcoin was worth about $ 5. Now, Li's coin is ranked eighth among the largest cryptocurrencies with a capitalization of about $ 11.4 billion. Litecoin is one of four cryptocurrencies, along with Bitcoin, Ethereum and Bitcoin Cash, with which Paypal began operating in 2020.

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