According to U.Today, Ripple's Chief Technology Officer (CTO), David Schwartz, recently disclosed his early involvement in Ethereum, which has sparked interest within the cryptocurrency community. Schwartz revealed that he had acquired a significant 40,000 ETH during Ethereum's pre-Initial Coin Offering (ICO) phase, thanks to a personal invitation from Ethereum's founder, Vitalik Buterin. Schwartz's decision to invest was driven by his desire to support Buterin, leading him to invest 20 Bitcoin (BTC) without much thought, resulting in the acquisition of a substantial amount of ETH.
Schwartz's involvement in Ethereum predates its public pre-ICO. It is known that Schwartz sold this large amount of altcoins as soon as the price reached $1 and used the proceeds to buy solar panels for his home. Despite the surprise this move may cause, Schwartz dismissed concerns, attributing it to a common experience among early crypto adopters, including missed opportunities such as Bitcoin's significant rise.
The histories of Ripple and Ethereum are intertwined, adding complexity to the story. Buterin's time at Ripple, which was cut short due to visa issues, highlights the connections between the two projects. However, tensions have increased in recent years, fueled by Ripple's legal battle with the Securities and Exchange Commission (SEC). Buterin's criticisms of Ripple's actions and their potential impact on Ethereum's regulatory status have further strained the relationship.
Currently, the significant rise in Ethereum's value, which is around $3,000 per ETH, puts Schwartz's early investment at an impressive $120 million valuation. Even the initial 20 BTC used to purchase ETH is now valued at $1.3 million.
