Ethereum

Buterin: Ethereum Foundation Sold 70,000 ETH at All-Time High

from Crypto Globe 4 years ago 0 0 967

Vitalik Buterin revealed on a recent podcast that he was able to convince the Ethereum Foundation to sell 70,000 ETH at the last all-time high.

Development group would have made around $100 million when the price of ETH was near $1400

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.