David Schwartz, Ripple’s Chief Technology Officer, announced that he and his wife have decided to create a “derisking plan” for their crypto investments in 2012 that will result in an eight-digit profit loss at current prices.
In a series of tweets posted on Oct. 11, Schwartz announced that he then sold 40,000 ethers (ETH) for $ 1 each – a supply that at today’s prices is worth more than $ 15.5 million. Dollars would be worth.
The chief executive of Ripple (XRP) also said that he regretted selling a significant amount of Bitcoin (BTC) for $ 750 and a large amount of XRP for $ 0.10, but failed to disclose the volume of sales.
My decision to derisk was made in 2012 when I was talking to my wife about investing in cryptocurrencies. She insisted that we just agree on a de-icing plan. And I have to say that every bitcoin I’ve sold for $ 750 or XRP for $ 0.10 hurts.
– David Schwartz (@JoelKatz) October 11, 2020
Schwartz revealed his early conservative downsizing when he responded to Twitter user “PbuzzXr” who claimed “Anyone who presses XRP while derisking will stop cheating” on a long-range thread.
The user, who didn’t specifically talk about Schwartz, added, “You can’t try to build trust in others for XRP while you don’t believe in it yourself and think that deicing it is your best option.”
Ripple’s CTO stressed that his decision to core in 2012 was shaped by the fact that he is “a risk-averse person with people who are financially and emotionally dependent on me”.
“Fate made me put many 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. “
Last week, Ripple co-founder and CEO Chris Larsen criticized the US for failing to keep up with China, Singapore and the UK in promoting crypto innovation, suggesting the company may soon be relocating from the US.