Ripple’s Chief Technology Officer, David Schwartz announced that he and his wife decided in 2012 to create an “divestment plan” for their crypto investments that resulted in an eight-digit loss in profits at current prices.
Schwartz revealed this in a series of October 11 tweets then sold 40,000 ethers (ETH) for one dollar each, a supply that would be worth more than $ 15.5 million at today’s prices.
That’s what the CEO of Ripple (XRP) said He regretted selling a significant amount of Bitcoin (BTC) for $ 750 and a large portion of XRP for $ 0.10but did not disclose the sales volume.
My decision to divest was made around 2012 when I was talking to my wife about investing in cryptocurrencies. She insisted that we agree to a divestment plan at that point. And I have to say that every coin I’ve sold for $ 750 or XRP for $ 0.10 hurts.
– David Schwartz (@JoelKatz) October 11, 2020
Schwartz showed his early pessimism by replying to the Twitter user ‘PbuzzXr“Claiming that” anyone who promotes XRP while moving away from cheating on others “on one wide thread.
The user who didn’t specifically talk about Schwartz, added: “You cannot try to get others to believe in XRP while you do not believe in it yourself and feel that it is your best option to part with it. “
Ripple’s CTO emphasized this His decision to divest 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 a lot of eggs in one basket […] The risk is very high in the entire cryptocurrency space. I’m too rational to pretend otherwise and suggest others do the same. “
Last week, Ripples co-founded and CEO Chris Larsen criticized the US for failing to catch up with countries like China, Singapore and the UK in promoting crypto innovation, suggesting that the company could soon move outside of the US.