cryptoglobe.com
Vitalik Buterin, co-founder of Ethereum, revealed that the Ethereum Foundation netted around $100 million by selling $ETH at its last all-time high, when it was trading close to $1,400.
Speaking on a podcast with Eric Weinstein, managing director of Thiel Capital, Buterin explained that the Ethereum Foundation sold 70,000 $ETH “basically at the top” of its market price.
Buterin was able to convince other members of the Foundation to make the trade. He said,
I did get the Ethereum Foundation to sell 70,000 $ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.
Ethereum’s previous all-time high occurred in January 2018, when the price of $ETH reached close to $1,400. Buterin also has a personal history of selling at the top of the market, moving 30,000 $ETH at the end of the bull market in December 2017.
When asked how he felt during the ensuing bear market of 2018, which took the price of $ETH as low as $84, Buterin said he was undeterred. He also explained that he was relieved by the price correction and did not believe that crypto had created enough value to be worth half a trillion dollars.
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