Vitalik Buterin, the mastermind behind the Ethereum Foundation, revealed in an interview that he was successful in encouraging the Ethereum Foundation to sell 70,000 Eth of worth $100 million at the start of 2018 when the coin was touching its high figure around $1400.
The period between the end of 2017 and the start of 2018 was a very prosperous phase for some of the coins. Ethereum had shown a parabolic move at that time and price was lingering at $1,400. From then, it started to go down and in two years, the value has dropped drastically.
Buterin revealed during an Interview
The co-founder of Ethereum Vitalik Buterin has passed some comments in an interview with Eric Weinstein, the managing director of Thiel Capital. The comments spread like fire in the crypto community. He accepted that Ethereum Foundation had sold almost 70,000 Eth of worth $100 Million. He has also accepted that he has personally sold 30,000 Eth at that time.
The statement by co-founder unveils that income received by selling the coins has used to increase the adoption of Eth and to expand the Ethereum Platform. And we can see that after Bitcoin, Ethereum is the second-largest cryptocurrency by market volume.
The news has also disturbed the sentiments of the crypto community as both Vitalik and the foundation get benefited by selling the coins. And the buyers who had buy Eth coins at that time has lost much more as the price in two years dropped down by 80%.
However, some crypto experts welcome this and passed positive sentiments over Twitter. A crypto analyst, Chris Burniske, states that ‘’Sounds like good treasury management to me”.
Securing $100M USD to fund future #Ethereum development. Sounds like good treasury management to me. https://t.co/n4cJG8H3j6
— Chris Burniske (@cburniske) December 15, 2019
Buterin said that he was relieved when the selling of 70,000 Eth happened and he himself convinced the Ethereum Foundation to do this. This shows that he was well aware of the fact that the price of the token will go down in the future.
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