Ripple CTO David Schwartz Reflects on Selling Ethereum at $1

In a recent series of tweets, Ripple CTO David Schwartz opened up about missed opportunities in the volatile world of crypto, sharing his own experiences and drawing parallels with his father’s stock trading.

Schwartz began by revealing a pivotal moment from his past, stating, “As many of you know, I sold 40,000 ETH at about $1 to put solar panels on a house I no longer own. That ETH was worth over $100 million shortly after.”

The Ripple executive went on to share a family anecdote, explaining that his father had faced a similar predicament. “My father, ironically, did almost the same thing,” Schwartz tweeted. “After my older siblings moved out, my parents didn’t need the enormous house we were living in. But it needed quite a bit of fixing up to sell.”

Schwartz detailed how his father invested substantial funds into renovating the property, only to witness a market downturn that led to a substantial loss when selling the house. “He took a huge loss on the deal”.

The tweets also touched on the theme of selling crypto prematurely. “Everyone who has been in the crypto space since 2015 or earlier has stories like this. We all could have bought bitcoin at $350 and sold at $60,000 for a nice 170X in 6 years,” Schwartz remarked, highlighting the hindsight that haunts many crypto enthusiasts.

Time to Sell or HODL?

As the crypto community digested Schwartz’s revelations, some interpreted his words as a cautionary tale against prematurely selling their crypto, including XRP.

See Also

South Korea Latest to Announce CBDC Pilot

The market has seen a strong recovery over the past number of weeks, with Bitcoin crossing above $44k. This has left a lot of crypto investors mulling over whether to take profits or HODL. There are indications that this latest rise in prices could be the first impulse in the next bull market. With the Bitcoin halving just around the corner and potential ETF approvals, many investors are reluctant to sell out of their positions (even if they are in substantial profits).