Ethereum
Ripple CTO’s first bet on Ethereum revealed amid Ripple-Cardano controversy
Surprises often emerge from unexpected corners in the crypto world. Recently, David Schwartz, Ripple Chief Technology Officer, shook the digital currency community by revealing its early involvement in Ethereum. This revelation came to light during a heated online exchange between Schwartz and Charles Hoskinson, the founder of Cardano, around the controversial topic. “ETH Gate” Theory.
Understanding the Ethereum Connection
David Schwartz revealed his early investments in Ethereum when a user asked him about X.
He revealed how he gained access to the Ethereum project in its early days and also explained his personal connections to Ethereum co-founder Vitalik Buterin.
When the price of ETH was only $1, the Ripple CTO’s initial investment of 20 Bitcoins earned him a nice gain of 40,000 Ethereum tokens. However, what may seem funny to some users at Ethereum’s current price is that Schwartz sold all of his Ethereum holdings to finance the installation of solar panels on a house he no longer owns.
Reflections and regrets
Looking back, Schwartz regrets this decision, lamenting the missed opportunity as Ethereum’s value skyrocketed after his departure. He believes that if he had held on to his stash of Ethereum, his earnings could have potentially exceeded a staggering $100 million, representing a staggering 250,000% increase.
The Ripple-Cardano controversy
Cardano’s Charles Hoskinson and Ripple’s Schwartz remain engaged in their heated exchange regarding the “ETH Gate” theory, which alleges that Ethereum has exerted undue influence over regulatory bodies, particularly the U.S. Securities and Exchange Commission .
Nonetheless, Hoskinson stressed that Ethereum’s alleged manipulation of regulatory outcomes is unfounded, thus dismissing these claims as conspiracy theories.
“No matter how many times you try to confuse the two statements, it will not change reality. »
On the other hand, former SEC director William Hinman could potentially be involved, Schwartz believes. He suggested that this relationship could have influenced regulatory decisions because of Hinman’s affiliation with Simpson Thacher & Bartlett LLP, a law firm linked to Ethereum. Schwartz also questioned whether Hinman was financially interested in Ethereum and whether he had recused himself from related decisions during his tenure at the SEC.
XRP Price Update and Market Outlook
As of May 10, 2024, XRP, Ripple’s native cryptocurrency, trades at $0.519716 per XRP/USD, with a market cap of $28.77 billion. The price saw a slight decline in the last 24 hours, with a decrease of 0.32%. However, the long-term potential of XRP remains promising, given its use in cross-border payments and other applications.
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