SniperFx

Archives

  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Analysis
  • Bonds
  • COVID
  • Crypto
  • Forex
  • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • Uncategorized
  • World
  • Home
  • Forex
  • Crypto
  • Contact
0 Likes
0 Followers
0 Followers
Subscribe
SniperFx
SniperFx
  • Bonds
  • Crypto
  • COVID
  • Forex
    • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • World

Reddit co-founder bought 50,000 Ether during pre-sale, for $15K

  • admin
  • February 22, 2023
  • 2 minute read
Total
0
Shares
0
0
0

Alexis Ohanian is extremely bullish on cryptocurrency, even using the proceeds from his early Ether investment to found a crypto-focused venture capitalist firm.

The co-founder of the social media website Reddit, Alexis Ohanian, reportedly bought 50,000 Ether 

ETH

$1,642 for just $15,000 during the cryptocurrency’s presale in 2014, a cost of just 30 cents per coin.

Ohanian, who left the social media giant in 2020, told Forbes in a Feb. 21 article that he found the idea of a decentralized store of value to be very attractive partly due to his Armenian heritage, prompting him to take an early gamble on Ethereum.

“Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.”

At current prices, this investment is worth a whopping $82.5 million according to CoinMarketCap, representing an increase of 549,589%.

He continued to explain how his family’s inheritance of heirloom rugs were seized by Turkish soldiers during the Armenian genocide in World War 1, which led to his interest in “unseizable property.”

Due to his aversion to seizable property, Ohanian is a big proponent of self-custody and manages the private keys to some of his most valuable crypto-related investments to ensure they are kept off exchanges that are more vulnerable to the prying arms of governments.

When he heard about Ethereum in a meeting with cryptocurrency exchange Coinbase, Ohanian claimed he saw the potential for developers to build a wide range of potentially unseizable assets such as nonfungible tokens (NFTs) on top of it.

As a result, he made his initial investment in Ether but noted in the interview that “in hindsight, I didn’t invest nearly as much as I should have.”

Related: Ethereum derivatives data suggests $1,700 might not remain a resistance level for long

Ohanian founded venture capitalist firm 776 in 2020 using the proceeds from his early investments in Ether and Coinbase, which has invested in 29 crypto-related startups and raised $500 million in Feb. 2022 to finance similar investments.

In line with Ohanian’s views that bear markets present investors with the opportunity to buy assets at discounted prices, the firm has regarded the latest market downturn as the perfect time to make long-term bets on the crypto industry.

The firm currently boasts over $750 million in assets under management.

Ohanian noted that although crypto is extremely volatile, “there are plenty of people who have that generational consciousness of seeing massive inflation,” which makes crypto’s volatility much more palatable for these people.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
admin

Previous Article

Research examines antibiotic use during COVID-19 by age

  • admin
  • February 22, 2023
View Post
Next Article

AUDUSD hangs near monthly low, below mid-0.6800s as traders await FOMC minutes

  • admin
  • February 22, 2023
View Post
You May Also Like
View Post
  • Crypto

NFT investor accidentally burns $135K CryptoPunk trying to borrow money

  • admin
  • March 25, 2023
View Post
  • Crypto

Coinbase, Tron feel the heat as SEC cranks up the pressure

  • admin
  • March 23, 2023
View Post
  • Crypto

Nigeria CBDC adoption spikes as fiat currency shortage grip the nation

  • admin
  • March 22, 2023
View Post
  • Crypto

Coinbase Objects SEC Core Staking Is Software Service, Not Security

  • admin
  • March 21, 2023
View Post
  • Crypto

Beware of fake Arbitrum Airdrops, community warns

  • admin
  • March 20, 2023
View Post
  • Crypto

ADA Needs to Break Current Supply Wall Before Its Price Can Spike

  • admin
  • March 18, 2023
View Post
  • Crypto

Crypto mining in 2023 — Is it still worth it Watch Market Talks

  • admin
  • March 17, 2023
View Post
  • Crypto

FDIC asked Signature buyers to stop all crypto business Report

  • admin
  • March 16, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Trump warns of ‘death & destruction’ if charged with a crime
  • Britain’s John Lewis has lost its soul, says Mary Portas
  • Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
  • USDCAD Potential downsides
  • AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength

Recent Comments

No comments to show.
Featured Posts
  • 1
    Trump warns of ‘death & destruction’ if charged with a crime
    • March 25, 2023
  • 2
    Britain’s John Lewis has lost its soul, says Mary Portas
    • March 25, 2023
  • 3
    Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
    • March 25, 2023
  • 4
    USDCAD Potential downsides
    • March 25, 2023
  • 5
    AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength
    • March 25, 2023
Recent Posts
  • EURUSD Seen at 1.05 in three months – Rabobank
    • March 25, 2023
  • NFT investor accidentally burns $135K CryptoPunk trying to borrow money
    • March 25, 2023
  • N.B. to end COVID-19 PCR testing for most people April 1, memo reveals
    • March 25, 2023
Categories
  • Analysis (8)
  • Bonds (47)
  • COVID (73)
  • Crypto (65)
  • Forex (81)
  • Forex Trading (46)
  • Ideas (46)
  • Investing (46)
  • Stocks (89)
  • Uncategorized (40)
  • World (195)
SniperFx
  • Home
  • Forex
  • Crypto
  • Contact
Forex & Crypto Updates

Input your search keywords and press Enter.