Reddit Co-founder Bought 50,000 Ether in Pre-sale

The co-founder of the community-driven social media platform Reddit, Alexis Ohanian, has informed news outlet Forbes that he purchased 50,000 Ether (ETH) for just around $15,000 during the presale period of the Ethereum-based cryptocurrency all the way back in 2014, which equates to just 30 cents per coin.

Ohanian shared his early interest in decentralization to Forbes, and he found Ethereum to be very attractive. He said to Forbes:

“Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.”

When looking at the current price of ETH, his investment would be worth over $80 million according to CoinMarketCap, which represents an increase of more than 550,000% since the purchase date.

Sources:

https://cointelegraph.com/news/reddit-co-founder-bought-50-000-ether-during-pre-sale-for-15k

https://www.benzinga.com/markets/cryptocurrency/23/02/31000879/reddit-co-founder-alexis-ohanian-reveals-84m-ethereum-holdings-how-generational-trauma-dri