Alexis Ohanian – Co-Founder and Govt Chairman of Reddit – revealed he’s an early Ethereum investor and bought 50,000 ETH in the course of the asset’s presale in 2014.
His stash is at the moment price practically $82 million.
Decentralization Drove his Funding Resolution
The 39-year-old entrepreneur and investor of Armenian heritage stated his ancestors’ tragic historical past is among the many major causes he’s keen on the cryptocurrency business.
In a current interview for Forbes, he stated a few of his great-grandparents had been decapitated by Turkish troopers in the course of the Armenian genocide in 1915. The Ottomans additionally confiscated his household’s heirloom rugs and different private belongings.
As such, Ohanian has change into an enormous supporter of property that centralized establishments can’t seize:
“Any group of people that have of their consciousness, or of their collective historical past, some concept of persecution, particularly by a state, makes the thought of a retailer of worth that isn’t managed by any single state very engaging. And so, in some methods, it was hardwired in me then and made me, in a method, receptive to the thought of a decentralized foreign money.”
Ohanian understood {that a} blockchain protocol referred to as Ethereum was about to be launched virtually a decade in the past and invested $15,000 in its native token – ETH. This implies he purchased the cryptocurrency for roughly $0.30 per token.
His funding is now price roughly $82 million, a staggering 546,000% return. Nevertheless, Ohanian wished he might have purchased extra on the time:
“In hindsight, I didn’t make investments practically as a lot as I ought to have.”
He disclosed in 2021 that he has “lots” of Ethereum with out offering additional particulars.
His Different Crypto Forays
Aside from co-creating Reddit, Ohanian has based one other entity – the enterprise capital agency Seven Seven Six. It raised $500 million in the beginning of 2022 to put money into cryptocurrency start-ups and doubled down with one other $177 million fundraiser a number of months later.
Ohanian can be a proponent of non-fungible tokens. He purchased an NFT from the Bored Ape Yacht Club (BAYC) collection final summer season and gifted it to his spouse – the tennis famous person Serena Williams.
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