Ripple’s chief technology officer David Schwartz sold 40,000 Ethereum at $1, substantial sums in Bitcoin at $750 and Ripple (XRP) at $0.1, which he regrets deeply. Such moves formed part of his family’s plan to reduce risk in their crypto-asset portfolio and led to millions of dollars in foregone gains.
The 40,000 ETH that I sold at $1 was all me though.
— David Schwartz (@JoelKatz) October 11, 2020
Schwartz noted that his low risk tolerance and "the close circle of people who depend on him financially and emotionally" played a role in the decision.
"Fate forced me to put a lot of eggs in one basket … the risk is very high in the crypto space overall. I'm just too rational to pretend otherwise and tell others to do the same," wrote David Schwartz.
My job, my reputation, Ripple stock, XRP, and so on. I like that basket. But the risk is very high in the entire cryptocurrency space. I'm just too rational to pretend otherwise and suggest others do the same.
— David Schwartz (@JoelKatz) October 11, 2020
In July, Schwartz described XRP’s price at around $0.20 as "fair and reasonable". According to CoinGecko, at the time of writing the price of the Ripple token was $0.257.
Earlier in the year, Schwartz was named by some as a possible creator of Bitcoin, Satoshi Nakamoto.
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