October 13, 2020
By Sam Grant
Ripple’s David Schwartz has recently disclosed that back in 2012. He sold the Ether he owned for only $1 each
David Schwartz has revealed that the sale was part of a risk management plan he had arrived at with his spouse. Schwartz, who currently works as the Chief Technology Officer at Ripple, said he regrets the derisking decision.
According to a Twitter thread posted on October 11, Schwartz explained that back in 2012, he and his wife decided to let go of a 40,000 Ether stash for $1 each. If he had held on to it and sold it at current prices, the Ether would have fetched him over $15.5 million.
That, however, isn’t the only thing he regrets. He also sold a huge sum of Bitcoin (BTC) for $750 each and Ripple (XRP) for $0.10 each. While he didn’t specify the exact volume of the cryptocurrencies, it is not hard to see that he would have gained more by holding onto them and selling them at better rates. BTC and XRP are currently trading at $11,481.84 and $0.26, respectively.
Schwartz made the revelation when he responded to a tweet that read, “Anyone pushing XRP while derisking is exit scamming. You can’t go around trying to build faith in others for XRP while you yourself have no faith in it and feel derisking it is your best option.”
Although the user wasn’t referring to him in particular, Schwartz felt the need to share his story. He explained that his decision to derisk was heavy, and he arrived at it based on his risk-averse nature.
“Fate caused me to put a lot of eggs in one basket. The risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same,” he posted.