A Redditor who claimed to be an early investor of Ethereum (ETH) has sold all his ETH holdings with about 14,900%, in order to purchase a house for his parents.
The Ethereum investor identified on Reddit as “u/FollowMe22”, says he has decided to sell all the ETH purchased in 2016. Going by his post on Reddit, he started buying ETH back in 2016 when the cryptocurrency was priced around $2:
He said, “I put my whole tax return in 2016 and threw a couple hundred at it whenever I could. I didn’t buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it would 100x, so there was an asymmetrical risk/reward in my opinion.”
He further stated that he sold a huge part of his ETH stash during the 2017 bull cycle. He, however, kept the remaining until the recent selloff he claimed to have initiated.
To confirm his claim, another Redditor on the thread extracted the first post from the u/FollowMe22’s account, which revealed his initial interest to buy and hold ETH for the long-term.
The post reads thus:
“I’m looking to buy about 250 ETH, but I’m very new to the cryptocurrency world and not very technically savvy. I’ve been doing a lot of reading on the Ethereum subreddits, but before signing up for Kraken I wanted to get some feedback from the trading community because there aren’t many posts specifically about buying ETH with USD… I do plan to hold ETH for long-term.”
According to the early Ethereum investor, he managed to realize an average of 14,900% in long-term capital gains. He added that at age 27, he’s now capable financially to live independently. He’s also planning to buy a house for his parents later in 2021.
Meanwhile, Ethereum (ETH) has recently recorded a new price all-time high of $1,440. According to Fundstrat Global strategist, David Grider, ETH has the potential to attain $10,500 area.