Feb 22, 2023
Ohanian’s $15K Ethereum Investment Now Worth $82.5M
Alexis Ohanian, the co-founder of the popular social media website Reddit, made a savvy investment back in 2014 when he purchased 50,000 Ether (ETH) for just $15,000 during the cryptocurrency’s presale. At the time, the price of ETH was just 30 cents per coin. Now, Ohanian’s investment is worth a whopping $82.5 million, according to CoinMarketCap, representing an increase of 549,589%.
Ohanian’s interest in crypto was partly due to his Armenian heritage, which made him receptive to the idea of a decentralized store of value. He explained that his family’s experience with the Armenian genocide in World War I, in which Turkish soldiers seized their heirloom rugs, led to his aversion to seizable property. This prompted him to take an early gamble on Ethereum and to manage the private keys to some of his most valuable crypto-related investments.
When he heard about Ethereum in a meeting with cryptocurrency exchange Coinbase, Ohanian saw the potential to build a wide range of potentially unseizable assets on top of it, such as nonfungible tokens (NFTs). He was so impressed that he made his initial investment in Ether, noting in hindsight that he didn’t invest nearly as much as he should have.
In 2020, Ohanian founded venture capitalist firm 776, using the proceeds from his early investments in Ether and Coinbase. The firm has invested in 29 crypto-related startups and raised $500 million in February 2022 to finance similar investments. With over $750 million in assets under management, 776 has taken advantage of the current market downturn to make long-term bets on the crypto industry.
Ohanian believes that crypto is extremely volatile, but that it’s volatility is much more palatable to those with a generational consciousness of seeing massive inflation. He also noted that crypto and NFTs can be used for marketing purposes, such as Twitter NFT marketing, and that there are NFT marketing agencies that specialize in helping companies sell NFTs.
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