- The co-founder of Reddit bought 50,000 ETH during the 2014 pre-sale.
- He spent a total of $15,000 which means he spent 30 cents for each coin.
- Several projects were funded from the VC firm he set up thanks to the profits made.
A co-founder of Reddit reveals how he took a gamble on cryptocurrencies back in the early days. Specifically, he says he bought a ton of Ether (ETH) before he could even imagine how high the value would shoot up to.
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In detail, Alexis Ohanian, co-founder of Reddit, says he bought 50,000 ETH for a total of $15,000. He made this purchase during the pre-sale of Ethereum in 2014, which translates to a price of only 30 cents per coin.
Ohanian, who left Reddit in 2020, founded a venture capitalist firm focused on cryptocurrency using the profits from his early Ether investment. He has expressed a keen interest in the concept of a decentralized store of value.
In particular, he says he did so due to his Armenian heritage, which has led to an aversion to seizable property. He believes that people with a history of persecution by a state are drawn to the idea of a store of value that is not controlled by any single state.
Adding on, Ohanian manages the private keys to some of his most valuable crypto investments to ensure that they are kept off exchanges that are more vulnerable to government interference.
More so, he says he saw the potential for developers to build potentially unseizable assets, such as non-fungible tokens, on Ethereum, which prompted him to make his initial investment in Ether.
Lastly, Ohanian went on to establish venture capitalist firm 776. This firm has invested in 29 crypto-related startups and currently manages over $750 million in assets. Although crypto is highly volatile, Ohanian believes that there are people who are accustomed to seeing massive inflation and can therefore tolerate the volatility in the crypto market.
Clearly, those associated with Reddit are always miles ahead of the crypto game. So far, a lot of credible crypto intel has come from Reddit and the social media site continues to be a good source for crypto trading advice. Although, it is always best for one to do their own research before making any investment decisions.
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