Former Ripple CTO Says He Sold 40,000 ETH at $1.02 Thinking He Was a Genius

David ‘JoelKatz’ Schwartz, former Ripple Chief Technology Officer (CTO), has shared his experience about selling thousands of ether coins long before the asset’s historic rise.

According to a recent X post, Schwartz revealed that he sold approximately 40,000 ETH at $1.02 several years back. During that time, the former Ripple executive believed he had made an exceptional choice as a savvy trader. 

From Modest Gains to Missed Billions 

Interestingly, ETH was still in its developing phase.

While this move suggests a lack of long-term vision for the asset, Schwartz still made profits.

Meanwhile, he was replying to an X user called Dave Jones, who noted he also acquired ETH at $15 and sold the asset for $90. According to Jones, he thought he was winning at the time after he sold. This also highlights how industry players misjudged emerging technologies.

Schwartz’s experience also shows how difficult it was to gauge Ethereum’s long-term potential during its early years. Launched in 2015, the platform introduced programmable blockchain capabilities that few fully comprehended at the time.

During this time, Ethereum’s limited liquidity, unfinished infrastructure, and untested applications made selling for smaller gains appear logical rather than shortsighted.

Market Bloodbath Tests Conviction

Today, however, changes the narrative. At multiple points over time, ETH has traded above $4,000. In other words, Schwartz’s 40,000 ETH, sold for roughly $40,000, would have been worth over $160 million at some point. 

Aside from ETH, the same attitude has repeated over time with the likes of SOL and BNB. While people run short-term trades, taking little profits, these assets have surged remarkably. However, the broader crypto market has experienced a bloodbath over the last month. This volatility has affected major coins like BTC, a digital asset that once reached an ATH of approximately $124,000, now trades below $67,000.

However, the asset has attracted a gain of 3.8% in the last 24 hours. 

Meanwhile, following the latest tweet from the former Ripple CTO, ETH is trading slightly above $2,000. The crypto asset is up 5.7% in the last 24 hours. Compared to performance from the previous week, ETH may have a recovery comeback.

The post Former Ripple CTO Says He Sold 40,000 ETH at $1.02 Thinking He Was a Genius appeared first on CoinTab News.