Reddit co-founder bought 50,000 Ether during presale for $15K

Mar 03, 2023 | wjb news

It is reported that Alexis O'Hani, founder of the social networking site Reddit, bought 50000 ETH for only $15000 during the digital currency pre-purchase period in 2014, for only 30 cents each.

Mr O'Hani, who was willing to leave the social network mogul in 2020, told Forbes on February 21st that he was surprised to find the idea of decentralized appreciation attractive, in part because of his Slovak bloodline, prompting him to bet on the ether very long ago.

All a group of people in his ideas, often in his group history, have some ideas of mutilation, especially the maiming of a country, which makes the idea that it will not be manipulated by a single country to store its value is very attractive. So, to a certain extent, he was deep-rooted to me at that time and asked me to accept the idea of blockchain technology currency to a certain extent.

According to CoinMarketCap, the price of the investment is as high as $82.5 million at current prices, an increase of 549,589 per cent.

He went on to explain how Turkish soldiers seized his family's heirloom blankets during the ethnic cleansing of Slovakia during World War I, which led to his interest in "assets that cannot be taken away".

O'Hanian is an unwavering proponent of his own custody because he is tired of confiscating illegal gains. He manages some of his most valuable passwords about investment public keys, preventing them from entering trading centres that are more vulnerable to government snooping.

When he heard about the ether at a meeting with the cryptocurrency exchange Coinbase, Ohanian claimed that he saw the potential of developers to build a series of properties that might not be taken away, such as not changing dynamic passwords (NFT).

As a result, he made an initial investment in Ether, but stressed in an interview with the media, "it looks like I didn't have the money to invest enough assets afterwards."

O'Hani was willing to use the proceeds from his initial investments in Ether and Coinbase to start a risky investment business in 2020. The company has invested in 29 password-related start-ups and raised $500 million in February 2022 to finance similar investments.

In line with Ohanian's view, the bear market allows investors to buy assets at promotional prices, and the company feels the latest market weakness should be the perfect time to make long-term bets in the cryptographic field.

The company currently manages assets of more than $750 million.

Ohanian stressed that while the uncertainty of passwords is huge, "many people have seen the idea of large-scale inflation for generations", which makes the uncertainty of passwords more acceptable.