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When stories of Bitcoin millionaires began to emerge alongside the asset’s rally, Ether’s users also had a tale or two to share. An anonymous hodler who bought Ether, when it was trading at $2, is apparently “fully out of the game.” The trader who goes by the handle “u/FollowMe22” on Reddit apparently sold Ether recently. The early investor claimed to have gained about 14,900% in long-term capital gains and intends to purchase a house.
The unknown hodler, who runs an e-commerce business, claimed to have started buying Ethereum in early 2016 “after missing the boat on Bitcoin.” The user earlier sold off a majority of Ether “coins” in 2017, when crypto markets were on a bullish course and added:
I put my whole tax return in in 2016 and threw a couple hundred at it whenever I could. I didn’t buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it [Ether] would 100x, so there was an asymmetrical risk/reward in my opinion.
According to another post on Reddit, the long time hodler was looking to buy about 250 ETH, initially and was concerned about being “very new” to the cryptocurrency world and “not very technically savvy.”
I’ve been doing a lot of reading on the Ethereum subreddits, but before signing up for Kraken I wanted to get some feedback from the trading community because there aren’t many posts specifically about buying ETH with USD… I do plan to hold ETH for long-term.
As of now, the Redditor is interested in “potentially getting back” into crypto markets at some point
There’s a lot I can do with the money in traditional markets that I’m going to pursue.
I think the market is a bit overvalued currently. I would be interested at getting back in at some point, but if it’s in the next year or so I probably won’t because I have other plans with the funds. 5-10 years though definitely.
Ether was up by almost 22% against Bitcoin over the past week as it made its way to prices over $1400. According to David Grider at Fundstrat, Ether could even surge to $10,500, soon.
Image Credit: Refer to Source
Author: Refer to Source Alisha Roy