Ethereum
Ripple CTO reveals how he bought 40,000 ETH during Ethereum ICO
Gamza Khanzadaev
Ripple CTO’s Revelation About Acquiring 40,000 ETH During Ethereum ICO Highlights Potentially Lucrative $120 Million Investment
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Ripple CTO David Schwartz’s recent disclosure has sparked widespread intrigue within the cryptocurrency community, shedding new light on his early involvement in Ethereum and the significant gains he has accrued. Schwartz revealed that he obtained a substantial amount of 40,000 ETH during the pre-ICO phase of Ethereum, a decision motivated by his knowledge of the founder of Ethereum, Vitalik Buterin.
Schwartz’s entry into Ethereum predates its public pre-ICO, with Buterin extending a personal invitation to him to participate. Motivated by a desire to support Buterin, Schwartz invested 20 BTC without much deliberation, resulting in the acquisition of large ETH holdings.
The other part of this story was known before. Several times before, the Ripple CTO said he sold this colossal amount of altcoins as soon as the price hit $1 and used it to buy solar panels for his house. While the move may raise eyebrows, Schwartz brushed off concerns, attributing it to a common experience among crypto’s early adopters, citing missed opportunities such as Bitcoin’s meteoric rise.
The intertwined stories of Ripple And Ethereum add complexity to the story. Buterin’s time with the company, cut short due to visa issues, highlights the links between the two projects. Yet tensions have emerged in recent years, exacerbated by Ripple’s legal battle with the SEC. Buterin’s criticism of Ripple’s actions and their potential implications on Ethereum’s regulatory status further strained relations.
ETH to USD by CoinMarketCap
Currently, the astronomical increase in Ethereum’s value, currently hovering around $3,000 per ETH, puts Schwartz’s initial investment at a staggering valuation of $120 million. Even the initial 20 BTC used to purchase ETH is now valued at $1.3 million.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.