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Cryptocurrency News Articles
Ripple CTO's Early Ethereum Stake Uncovered Amid 'ETH Gate' Debate
May 10, 2024 at 08:42 pm
Ripple's Chief Technology Officer, David Schwartz, revealed his early investment in Ethereum (ETH) stemmed from his relationship with co-founder Vitalik Buterin. His initial investment of 20 Bitcoin (BTC) yielded 40,000 ETH, which he regrettably sold to install solar panels in a former residence. Despite missing out on potential gains exceeding $100 million, Schwartz's investment highlights his early recognition of Ethereum's potential.
Ripple's CTO Unveils Early Ethereum Investment Motivations Amidst 'ETH Gate' Dispute
In a recent online exchange, David Schwartz, Ripple's Chief Technology Officer, shed light on his early investment in Ethereum, a decision made during the project's formative stages. The revelation came to light amidst a heated debate with Charles Hoskinson, the founder of Cardano, over the controversial "ETH Gate" theory, which alleges Ethereum's undue influence on regulatory bodies.
Schwartz's Ethereum Investment
Schwartz disclosed his Ethereum investment in response to a query posed by a user on Platform X. He not only revealed his initial access to the Ethereum project but also acknowledged his personal connection to Ethereum's co-founder, Vitalik Buterin.
"I had prior knowledge of Vitalik. He extended an invitation for my participation. In support of his endeavor, I invested 20 BTC, which subsequently yielded 40,000 ETH. I considered it a gesture of support for an acquaintance," Schwartz wrote in his reply.
At the time of his investment, ETH's price stood at a mere $1, making Schwartz's initial investment of 20 Bitcoins equivalent to a substantial 40,000 Ethereum tokens. However, in a decision that may elicit amusement among some users given Ethereum's current market value, Schwartz liquidated his entire Ethereum holdings to fund the installation of solar panels in a residence he no longer owns.
Schwartz expressed regret over this decision, as Ethereum's value skyrocketed shortly after he sold his tokens. According to his calculations, he could have realized gains exceeding $100 million, representing an impressive 250,000% return on his investment.
The Ripple-Cardano Controversy
The "ETH Gate" theory has sparked a heated exchange between Cardano's Hoskinson and Ripple's Schwartz. The theory posits that Ethereum exercised improper influence over regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC).
Hoskinson has vehemently denied these allegations, dismissing them as conspiracy theories and emphasizing that Ethereum's alleged manipulation of regulatory outcomes is baseless. He stated, "No matter how often you attempt to conflate the two assertions, it will not alter reality."
Schwartz, on the other hand, believes that former SEC Director William Hinman may have been involved. He suggests that Hinman's affiliation with Simpson Thacher & Bartlett LLP, a law firm with ties to Ethereum, could have influenced regulatory decisions. Schwartz also raises questions about Hinman's potential financial interest in Ethereum and whether he recused himself from related decisions during his tenure at the SEC.
XRP Price Update
As of May 10, 2024, XRP, Ripple's native cryptocurrency, traded at $0.519716 per XRP/USD, with a market capitalization of $28.77 billion. Over the previous 24 hours, its price experienced a modest decline of 0.32%.
Despite the recent dip, XRP's long-term potential remains promising. Its use cases in cross-border payments and other applications provide a solid foundation for its future growth.
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