In a recent post on the X social media network, Ripple CTO Emeritus David Schwartz recalled that he had felt like an “investment genius” after famously selling a total of 40,000 ETH when the leading cryptocurrency was trading at just $1.05.
Schwarz was personally invited by Ethereum’s Buterin to take part in the launch of the red-hot altcoin.
The architect behind the XRP Ledger wanted to show some support for the project and handed over a total of 20 BTC. This sum allowed Schwartz to buy the entire stash.
Ripple CEO Urges Banks to Act in Good Faith
Crypto Market Review: Bitcoin’s $70,000 Guarded Like Treasure, Will Shiba Inu Have Bullish March? Ethereum Breaks Above 100-Day Threshold
Schwartz initially bought the 40,000 ETH tokens at $0.311 and ended up walking away with a rather impressive return of 321%. The sale netted him a total of $42,000. Shortly after this, the price of the token would end up going parabolic.
The proceeds were used by Schwartz to purchase a set of solar panels that he installed at his home in Oakland, California.
Notably, Schwartz does not even own that house anymore, according to his latest tweet.
Schwartz’s current net worth
Schwartz frequently shares information about his personal crypto holdings, which sets him apart from the rest of the Ripple executives.
He has confirmed that he continues to hold both Bitcoin (BTC) and ETH, as well as several altcoins.
The Ripple CEO previously claimed tha that he owned roughly 20 million XRPs, which was the biggest sum of the tokens that he has held at any point.
That said, the exact size of his net worth is unknown (it could be anywhere from $90 million to $500 million). It mainly depends on the value of his stake in Ripple. Schwartz famously opted for a 2% stake in the company instead of XRP holdings.
Source: https://u.today/ripples-cto-emeritus-recalls-massive-40000-eth-sale
