Ripple Chief Technology Officer David Schwartz revealed that he and his wife decided to develop a “de-risk plan” for their cryptocurrency investment in 2012. At current prices, Schwartz lost eight-figure profits.
In a series of tweets published on October 11th, Schwartz revealed that he had sold 40,000 Ethereum (ETH) at a price of $1 at the time. At today’s price, the value of these ETH is more than $15.5 million.
The Ripple executive also stated that he regretted selling a large amount of Bitcoin (BTC) at a price of $750 and a large amount of XRP at a price of $0.10, but he did not disclose the specific transaction volume.
My decision to go risky was made around 2012, when my wife and I were discussing investing in cryptocurrencies. She insisted that we should unanimously agree on a risk reduction plan. And I must say that every Bitcoin I sold for $750 and XRP for $0.10 have suffered losses. —David Schwartz (JoelKatz) October 11, 2020
Twitter user “PbuzzXr” claimed that “Anyone who promotes XRP and de-risking is an exit scam.” In response, Schwartz revealed his early conservative layoff plan.
The user did not explicitly mention Schwartz. He added: “When you don’t have confidence in XRP, you can’t try to build others’ trust in XRP. Risking is your best choice.”
The Ripple CTO emphasized that his decision to de-risk in 2012 was because he was “a risk-averse person.”
“Fate made me put a lot of eggs in one basket. In the entire cryptocurrency field, the risk is very high. I am just too rational, I will not hide it, and I will not advise others to do the same.”
Last week, Ripple co-founder and executive chairman Chris Larsen criticized the United States for failing to keep up with China, Singapore, and the United Kingdom in terms of cryptocurrency innovation, suggesting that Ripple may leave the United States soon.
