- Ripple CTO David Schwartz has recently disclosed his early involvement in Ethereum, revealing that he secured 40,000 ETH during the pre-ICO phase.
- Schwartz’s entry into Ethereum was facilitated by a personal invitation from Ethereum’s founder, Vitalik Buterin.
- Despite the significant gains accrued, Schwartz sold his ETH holdings as soon as the price reached $1, a move that has sparked widespread intrigue within the cryptocurrency community.
Ripple CTO David Schwartz’s early involvement in Ethereum and his decision to sell his substantial ETH holdings at $1 has stirred up the crypto community. This article delves into the details of Schwartz’s early investment and its implications.
David Schwartz’s Early Involvement in Ethereum
David Schwartz, the CTO of Ripple, recently revealed his early involvement in Ethereum, which has sparked widespread intrigue within the cryptocurrency community. Schwartz disclosed that he secured a substantial 40,000 ETH during Ethereum’s pre-ICO phase, a move spurred by his acquaintance with Ethereum’s founder, Vitalik Buterin. Schwartz’s entry into Ethereum predates its public pre-ICO, with Buterin extending a personal invitation for him to participate. Motivated by a desire to support Buterin, Schwartz invested 20 BTC without much deliberation, resulting in the acquisition of the substantial ETH holdings.
Schwartz’s Decision to Sell ETH Holdings
Schwartz has previously mentioned that he sold his colossal amount of altcoins as soon as the price reached $1 and used it to buy solar panels for his home. While this move may raise eyebrows, Schwartz brushed off concerns, attributing it to a common experience among early crypto adopters, citing missed opportunities such as Bitcoin’s meteoric rise. The intertwining histories of Ripple and Ethereum add complexity to the narrative. Buterin’s stint at the company, cut short due to visa complications, underscores the connections between the two projects. Yet, tensions have arisen in recent years, exacerbated by Ripple’s legal battle with the SEC. Buterin’s criticisms of Ripple’s actions and their potential implications for Ethereum’s regulatory standing have further strained relations.
Conclusion
As of now, the astronomical rise in Ethereum’s value, currently hovering around $3,000 per ETH, places Schwartz’s early investment at a staggering $120 million valuation. Even the initial 20 BTC used to purchase ETH is now valued at $1.3 million. Schwartz’s early involvement in Ethereum and his decision to sell his ETH holdings at $1 provide a fascinating glimpse into the world of early crypto adopters and the missed opportunities that often accompany the volatile nature of the crypto market.
