Ripple CTO, David Schwartz makes $15.5 million mistake and regret years later

October 14, 2020

Reading Time: 2 minutes

Following his tweets last Sunday, David Schwartz admitted that he made a regrettable move of selling his ether at very low prices. He admitted his remorse tagging it to the idea that he is a risk-averse person and loathed the idea of putting all his eggs to one basket especially for his family who depended on him.

Schwartz in his response to a tweet explained that there were many risks entangled within the crypto trades, and they made a unanimous decision with his wife to sell their crypto, a decision that he highly regret. He added that this move was done way back in 2012 when stability had not been established efficiently within the crypto space.

It has been reported that one of his followers countered him from his tweets that, they are beginning to get nervous when the people encouraging them to invest in cryptos are the ones who make exit moves with a claim of derisking.

In 2012, Schwartz had up to 40,000 worth of Ether. He explained that the markets were shaky and full of uncertainties, and therefore, they unanimously made a decision with his wife to sell the Ether cryptos at barely $1 each, an amount that is currently (8 years later) worth a staggering amount of up to $15 million.

The Ripple’s Chief Technical Officer (CTO) added that, on the same note, they sold an undisclosed number of bitcoins at barely $750 each. They as well sold XRP of significant amounts at only $0.10 in the move to reduce the risks they could be exposed to. He added that this move was as a result of his conservative ways in the past that he strongly believes in.

From his regrets, Schwartz continued to urge investors to desist from the rash decisions of cashing out their investments when they yield small returns. He as well added that his rational senses demanded that, he should never have all his finances in one single basket. He stemmed this to the fact that the crypto space poses very high risks that he would never wish to expose those who depend on him, for financial and emotional support.

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