An Armenian entrepreneur made a smart investment move in 2014 by purchasing 50,000 Ether at a mere $0.3 per coin for a total of $15,000. Fast forward to today, and his investment is now estimated to be worth a staggering $82.3 million at the current exchange rate.
Alexis Ohanian, co-founder of Reddit, expressed his regret for not investing more in Ether, saying, “Looking back, I understand: I didn’t invest as much as I should have!”
Ohanian was drawn to the idea of storing valuables that are not regulated by the state, partly due to his Armenian family’s history of persecution by Turkey in the early 20th century. He believes that any group of people who have experienced persecution, particularly by the authorities, finds the idea of accumulating value not controlled by any one state very appealing.
In December, Ohanyan’s venture capital company, Seven Seven Six, plans to launch its new cryptocurrency-focused fund, Kryptós, with a target of raising $177 million. The fund aims to take advantage of the current market situation and invest in strong companies at a discount.