Investing.com - Financial Markets Worldwide
📢 The ProPicks AI strategy to watch when Tech rally slows down. It did 2X the S&P in July!Unlock AI Insight

Ripple CTO Reveals Father’s Massive XRP Buy

Published 2023-10-04, 03:16 a/m
© Reuters. Ripple CTO Reveals Father’s Massive XRP Buy
XRP/USD
-

U.Today - David Schwartz, Ripple’s chief technology officer, recently that his father acquired over a million XRP back in April 2014 from Justcoin. Back then, its price was approximately half a penny per XRP.

A modest stake

reached staggering peak of $3.65 in January 2018. This ascent elevated its market value to an impressive $140 billion. Chris Larsen, the co-founder of Ripple at the time, witnessed his crypto holdings, which comprised 9 billion XRP tokens, grow to an estimated value of $60 billion.

However, David Schwartz, often seen as the heart and soul of and its most passionate advocate, decided to go a different route, according to . Despite his significant contributions and being the second employee, Schwartz is not officially recognized as a co-founder of Ripple. He chose to accept a salary and a modest 2% stake in Ripple over the XRP cryptocurrency.

Schwartz’s crypto holdings

Diving deeper into Schwartz’s crypto preferences, a 2021 tweet from him provides insights into how he has managed his bitcoin holdings over the years. He mentioned selling portions of his bitcoin at various price points, starting from $100 and going up to $50,000. As bitcoin’s price reached $63,000, he revealed retaining only about 2% of his original holdings. In another tweet from the same year, Schwartz shared he possessed at the time, with the list led by XRP, followed by BTC, ETH, BAT (LON:BATS), and others. He noted that these holdings were not necessarily by choice but were largely a result of airdrops and other events.

This article was originally published on U.Today

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.