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Ripple Chief Technology Officer David Schwartz revealed that he and his wife decided to make a “derisking plan” for their cryptocurrency investments in 2012, resulting in an eight-figure loss of earnings at current prices.
In a series of tweets posted on October 11, Schwartz revealed that he had sold 40,000 Ether (ETH) for $ 1 each, a stock that would be worth more than $ 15.5 million at today’s prices.
The Ripple (XRP) executive also said he regretted selling a significant sum of Bitcoin (BTC) for $ 750 and a large XRP hoard for $ 0.10, but did not disclose the sales volume.
My derisk decision was made around 2012, when I discussed investing in cryptocurrencies with my wife. He insisted on agreeing on a derisive plan at the time. And I have to say that every bitcoin I have sold for $ 750 or XRP for $ 0.10 has hurt.
– David Schwartz (@JoelKatz) 11 October 2020
Schwartz revealed his initial conservative downsizing while responding to the Twitter user ‘PbuzzXr‘who claimed that “anyone who pushes XRP while derisking is an exit scam” in a wide-ranging thread.
The user, who did not speak specifically about Schwartz, added: “You can’t go around trying to build trust in others for XRP while you yourself have no faith in it and feel that mocking it is your best option.”
Ripple’s CTO pointed out that his 2012 derisk decision was informed by the fact that he is “a risk averse person with people who depend on me financially and emotionally.”
“Destiny made me put many eggs in one basket […] The risk is very high in the entire cryptocurrency space. I’m too rational to pretend otherwise and suggest others to do the same. “
Last week, Ripple co-founder and executive chairman Chris Larsen criticized the US for failing to keep pace with China, Singapore, and the UK in promoting crypto innovation, suggesting that the company may soon moving from the United States.
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