- Vitalik Buterin was able to convince the Ethereum Foundation to sell 70,000 ETH at its peak
- Buterin said he made a good decision that had a lot of impact on the project
Ethereum News Today – The co-founder of Ethereum – Vitalik Buterin – recently revealed that he was able to convince the Ethereum Foundation to sell 70,000 Ether when it tested its all-time high. In a recent podcast, Buterin revealed that the Foundation netted about $100 million by selling Ethereum (ETH) at its all-time high. Ethereum (ETH) tested its all-time high of about $1,400 in January 2018. It was at this time when the largest digital currency by market cap, Bitcoin (BTC), also tested its all-time high of about $20k.
Ethereum Foundation Sold 70,000 Ether at Its All-Time High
Speaking on a podcast with the managing director of Thiel Capital – Eric Weinstein – the co-founder of Ethereum said that the Ethereum Foundation sold 70,000 Ether when it was at the top of its market price. He was able to convince other members of the Foundation to make the trade. In the podcast, Buterin said:
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.”
Ethereum (ETH) Price Today – ETH / USD
Buterin Moved 30,000 Ether at the End of the Bull Market in December 2017
The previous all-time high of Ethereum (ETH) happened in January 2018, when the price of the digital currency topped out at $1,400. The massive bull run started in late November 2017 and flowed into the New Year. Almost all the digital currencies in the market then tested their all-time highs. The massive increase in prices grabbed the attention of many into the crypto space. This also led to a considerable increase in the number of altcoins in the market.
The co-founder of Ethereum also has a personal history of selling at the top of the market. At the end of the bull market in December 2017, Vitalik Buterin moved 30,000 Ether. However, all the gains digital currencies amassed during the bull market were lost a couple of months later. Since then, some digital currencies have lost as much as 95 percent of their values.
When Buterin was asked how he felt during last year’s resultant bear market, which caused the price of Ethereum (ETH) to fall to as low as $84, he said that he was undeterred. He further added that he was relieved by the price correction, adding that he did not believe that digital currency had created enough value to be worth half a trillion dollars.