David Schwartz, technical director of Ripple, recently revealed that he purchased 40,000 ETH during the Ethereum ICO in 2014. This crypto investment, made to support Vitalik Buterin, would today be worth more than $120 million.
A bold bet motivated by friendship with Buterin
This revelation created a real shock wave in the crypto sphere. Personally invited by Vitalik Buterin to participate in the Ethereum pre-sale, Schwartz bet 20 BTC without hesitation, driven by his desire to support his friend's project. A daring bet which allowed him to acquire 40,000 ETH.
Ironically, the technical director confessed having liquidated all his Ethers as soon as the price reached 1 dollar, to afford solar panels. A decision that he regrets today, when ETH is trading around $3,000.
His initial investment of 40,000 ETH would currently be worth over $120 million. Even the initial 20 bitcoins now represent $1.3 million, enough to make much larger acquisitions.
Close, but tumultuous ties between Ripple and Ethereum
This anecdote highlights the intersecting history of Ripple and Ethereum. Vitalik Buterin was indeed employed by Ripple before creating Ethereum, but had to leave his position due to visa issues.
Since then, relations have deteriorated, particularly with the legal battle between Ripple and the SEC. Buterin has openly criticized Ripple, fearing a negative impact on the regulatory status of Ethereum. Despite these tensions, Schwartz's early investment speaks to the initial connections between the two projects.
In short, this story highlights the capital importance of pioneering investments in high-potential cryptos. Certainly, too hasty a liquidation can miss out on substantial gains, but David Schwartz's flair allowed him to support a pioneering project from its infancy, thus forging an indelible connection between Ripple and Ethereum.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
