According to the Ripple top executive, the decision to initiate the selloff was taken in agreement with his wife. He said this began in 2012. After a few years, he sold his ETH holdings when the cryptocurrency was trading at $1.
David Schwartz tweeted, “The 40,000 ETH that I sold at $1 was all me though.”
That would be termed as a huge loss compared to its price today. At press time, ETH is priced at $387.05. So, the amount of ETH sold by the Ripple CTO at $1 is now worth about $15.5 million.
Read Also: Brad Garlinghouse Clarifies Decisions under Consideration Regarding Ripple’s Future
David Schwartz Regrets Selling His BTC and XRP at a Very Low Price
David Schwartz also shared his regret for selling his Bitcoin (BTC) and XRP holdings when they were trading at a price that is far below their current value in the market.
Schwartz shared, “My decision to derisk was made in 2012 or so when I discussed investing in cryptocurrencies with my wife. She insisted we agree on a derisking plan right then. And I must say that every bitcoin I sold for $750 or XRP for $0.10 hurt.”
According to the top executive, his decision to sell his Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP holdings has to do with his personality.
He wrote:
“On the derisking, I’m a risk-averse person with people who depend on me financially and emotionally. Fate caused me to put a lot of eggs in one basket…
I like that basket. But the risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”
Read Also: Ripple CTO David Schwartz on Why Giving Away XRP Is Really Hard
Apparently, Schwartz still has investments in crypto, especially XRP, considering the revelation he made regarding his cryptocurrency portfolio sometimes in September 2020.
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