Charlie Lee talks about how an automaker’s investment in digital money will change the usual financial system
Crypto-Auditor knows that the creator of the Litecoin cryptocurrency, Charlie Lee, in an interview with Decrypt, said that after Tesla announced the purchase of bitcoins for $1.5 billion, other large companies could follow the example of the automaker.
“This is the turning point when the richest man in the world believed in bitcoin,” Lee said.
He noted that Tesla also stated that bitcoins received for cars will not be converted into fiat money at points of sale.
“I think this is very important,” said Lee. “When companies start accepting bitcoins without selling them later, we will start 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 when Bitcoin 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 the four cryptocurrencies, along with Bitcoin, Ethereum and Bitcoin Cash, with which the PayPal payment system began operating in 2020.