Reddit co-founder bought 50,000 ETH for only $ 15,000

Alexis Ohanian, co-founder of the social network Reddit, purchased 50,000 ETH for just $ 15,000. The bargain took place in 2014, when Ohanian bought ethereum at a price of just 30 cents per coin.

In a conversation with Forbes on February 21, Ohanian recalled that he left Reddit back in 2020, and his interest in decentralized finance was «fueled by his Armenian heritage.» The man told reporters about how Turkish soldiers took away his family’s heritage, the family carpets, during the Armenian genocide in World War I. As he grew up, it was the memories of ethnic persecution that led to «an increased interest in property that cannot be confiscated.»

«Any group of people who have memories of persecution, especially by the state, in their minds or in the collective memory of the people, wants to find a way to store valuable things that will not be controlled by the authorities. That’s probably why I am so open to the concept of decentralized currency,» Ohanyan said.

According to CoinMarketCap, the Reddit co-founder's crypto investment is currently estimated at $ 82.5 million. At the time of writing, Ethereum is trading at $ 1,640 with a market capitalization of $ 197.6 billion.

As a reminder, today, February 22, it became known about the world’s most expensive sale of a cryptocurrency token for Ethereum. The developers of the MechMinds NFT collection resold a non-fungible token for 126,000 ETH for PR purposes. According to analysts, this transaction was the largest in the history of the market in terms of ETH.