The Purchase of Ethereum in 2014 Brought the Co-founder of Reddit 548,000% Profit

The Purchase of Ethereum in 2014 Brought the Co-founder of Reddit 548,000% Profit

Investments in Ethereum by the co-founder of the Reddit social network Alexis Ohanian have grown by 548,566% since he invested in altcoin in 2014. In an interview with Forbes, he said that he spent $ 15 thousand to buy 50 thousand. ETH at a price of $0.3 per coin. At the rate of February 22, $1,646 thousand. his investment is estimated at $82.3 million.

The idea of cryptocurrencies, namely decentralized storage of value, seemed very attractive to Ohanyan, partly because of the history of his Armenian family, which was persecuted by the Turkish authorities and confiscated at the beginning of the XX century.

“If there is an idea of persecution in people’s minds or in their collective history, especially by the state, then they find the idea of storing valuables that are not controlled by any state very attractive,” Ohanyan said.

When he learned about Ethereum, he saw the potential for developers to create a wide range of invulnerable assets based on it, such as NFT. After that, he invested in altcoin and now notes: “Looking back, I didn’t invest as much as I should have.”

After leaving Reddit in 2020, Ohanyan turned his interest in cryptocurrencies into a business. He founded venture capital company 776, which has since invested in 29 blockchain startups, and in February 2022 raised $500 million, mainly to finance crypto projects. Ohanyan calls himself a “cryptopragmatist”, he supports American regulation, but keeps the private keys of his most valuable assets out of the reach of the authorities.

Ohanyan’s favorite type of digital assets were NFT, the publication notes. He personally owns at least 700 non-interchangeable tokens.

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