A Reddit co-founder recounts how he gambled on cryptocurrency in the early days. He claims to have purchased a large amount of Ether (ETH) before realizing the value would skyrocket.
Alexis Ohanian, one of the co-founders of Reddit, has revealed further information on his purchase of 50,000 ETH for $15,000. He made this buy during the pre-sale of Ethereum in 2014, at which time the price per token was just 30 cents, corresponding to significant savings.
Ohanian’s Crypto Investment
As Ohanian departed Reddit in the year 2020, he utilized the money he made from his early investments in Ether to launch a venture capital business that focuses on the cryptocurrency industry. He has made it clear that he is quite intrigued by the idea of a valued repository that is decentralized.
Particularly, he claims that he did so because of his Armenian background, which has given him an antipathy to having one’s property taken away by the government. He is of the opinion that those who have a previous experience of being persecuted by a state are more likely to be interested in the concept of a value store that is not controlled by any one state.
In addition, Ohanian handles the private keys to some of his most expensive cryptocurrency assets so that he can keep them off of exchanges that are more susceptible to meddling from the government.
Moreover, he claims that he made his original investment in Ether because he recognized the possibility for developers to create potentially unseizable assets, such as non-fungible tokens, on Ethereum.
Crypto volatility accepted
Finally, Ohanian founded venture capital company 776. This business has invested in 29 crypto-related firms and presently oversees over $750 million in assets. While crypto is incredibly volatile, Ohanian feels that there are those who are used to witnessing big inflation and can therefore accept the volatility in the crypto market.
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