Crypto: Shocking revelations from Ripple’s CTO about the purchase of 40,000 ETH

David Schwartz, the Chief Technical Officer of Ripple, recently revealed that he bought 40,000 ETH during Ethereum’s ICO in 2014. This crypto investment, made to support Vitalik Buterin, is now worth over 120 million dollars.

A bold bet motivated by friendship with Buterin

This revelation has sent shockwaves through the crypto sphere. Personally invited by Vitalik Buterin to participate in Ethereum’s pre-sale, Schwartz invested 20 BTC without hesitation, driven by his desire to support his friend’s project. A daring bet that allowed him to acquire 40,000 ETH.

In an ironic twist of fate, the Chief Technical Officer confessed he liquidated all his Ethers as soon as the price reached one dollar, to purchase solar panels. A decision he regrets today, with ETH trading around 3,000 dollars.

His initial investment of 40,000 ETH would now be worth more than 120 million dollars. Even the initial 20 bitcoins are now worth 1.3 million dollars, enough for much more substantial acquisitions.

Close yet tumultuous ties between Ripple and Ethereum

This anecdote highlights the intertwined history of Ripple and Ethereum. Vitalik Buterin was in fact employed by Ripple before creating Ethereum, but had to leave the company due to visa issues.

Since then, the relationship has deteriorated, particularly with the legal battle between Ripple and the SEC. Buterin has openly criticized Ripple, fearing a negative impact on Ethereum’s regulatory status. Despite these tensions, Schwartz’s early investment reflects the initial connections between the two projects.

In conclusion, this story underscores the critical importance of early investments in cryptos with high potential. Indeed, liquidating too early can mean missing out on significant gains, but David Schwartz’s foresight allowed him to support a pioneering project from its infancy, thus forging an indelible connection between Ripple and Ethereum.