There are many sad stories in crypto history of people selling Bitcoin (BTC) back when it was between $1 and $10. Indeed, at the North American Bitcoin Conference popup Bitcoin Museum there was a whole wall filled with such stories, where people sold Bitcoin at $1 or even less, and were actually excited about the profits they made, but ultimately they lost a fortune by selling early.
Apparently there is an Ethereum (ETH) equivalent to a sad selling story like this. Specifically, Ripple Labs Chief Technical Officer (CTO) David Schwartz sold 40,000 Ethereum (ETH) for just $1 each as part of a ‘de-risking strategy’.
Literally, Schwartz was experimenting with crypto investment, but as soon as he discussed it with his wife she insisted that he dump a bunch of the crypto, so they sold Bitcoin for $750 each and Ripple (XRP) for $0.10 each, as well as 40,000 Ethereum at a later date.
It is unknown how much profit potential Schwartz lost out on from selling Bitcoin at $750 each, but it is known that the 40,000 Ethereum he sold for $40,000 are worth over $15 million now.
The bright side of this story is that Schwartz is obviously massively successful, since he is the CTO of Ripple Labs, so losing all of this profit potential on Ethereum didn’t make much of a difference.
On a final note, crypto investment can be intense and highly stressful, and multitudes of people have sold crypto at ridiculously low prices in the past since they didn’t have the endurance to HODL through all the ups and downs. Indeed, almost everyone in Schwartz’s shoes would probably sell the 40,000 Ethereum for just a dollar each as well. However, perhaps stories like this can help prevent crypto investors from making the same mistake going forward.