Investments in Ethereum by Reddit co-founder Alexis Ohanian have grown by 548,566% since he invested in the altcoin in 2014. In an interview with Forbes, he toldwho spent $15,000 to buy 50,000 ETH at a price of $0.3 per coin. At the rate of $1.646 thousand as of February 22, his investment is estimated at $82.3 million, writes RBC Crypto.
The idea of cryptocurrencies, namely the decentralized storage of value, seemed to Ohanyan very attractive, in part because of the history of his Armenian family, which was persecuted by the Turkish authorities and confiscated in the early 20th century.
When he learned about Ethereum, he saw the potential for developers to create a wide range of invulnerable assets based on it, such as NFTs. After that, he invested in the altcoin and now notes: “Looking back, I didn’t invest as much as I should have.”
After leaving Reddit in 2020, Ohanian turned his interest in cryptocurrencies into a business. He founded venture capital firm 776, which has since invested in 29 blockchain startups and raised $500 million in February 2022, mostly to fund crypto projects. Ohanian, a self-described “cryptopragmatist,” supports US regulation but keeps the private keys of his most valuable assets out of reach of the authorities.
NFTs have become Ohanyan’s favorite type of digital assets, the newspaper notes. He personally owns at least 700 non-fungible tokens. In August 2021, he spent $550,000 in ETH on seven NFTs that he thought looked like his famous wife, tennis player Serena Williams.
Source: Cryptocurrency
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