A Redditor named “u/FollowMe22”, 27, says he has finally sold off the last of his Ether (ETH) stash acquired back in 2016. According to the Reddit post, he began buying ETH back in 2016 when the price was slightly above $2, adding:
“I put my whole tax return in 2016 and threw a couple hundred at it whenever I could. I didn’t buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it would 100x, so there was an asymmetrical risk/reward in my opinion.”
The Redditor said that he sold off a “large chunk” of his Ether “coins” during the 2017 bull run. However, he held on to the remaining ETH until January 2021.
Another Redditor on the thread unearthed the first-ever post from the u/FollowMe22’s account detailing the latter’s initial intention to buy and hold ETH for the long-term, stating:
“I’m looking to buy about 250 ETH, but I’m very new to the cryptocurrency world and not very technically savvy. I’ve been doing a lot of reading on the Ethereum subreddits, but before signing up for Kraken I wanted to get some feedback from the trading community because there aren’t many posts specifically about buying ETH with USD… I do plan to hold ETH for long-term.”
In all, the early Ether investor says he realized an average of 14,900% in long-term capital gains on his cost basis. At 27, the early Ether buyer says he is now financially independent and plans to buy a house for his parents later in the year.
Ether is up almost 60,000% in the last five years and has twice crossed the $1,400 mark — in January 2018 and most recently in January 2021. According to Fundstrat Global Advisors analyst, David Grider, ETH price could reach $10,500.
The post is the latest to appear on Reddit detailing how investing in cryptos early on has helped people achieve financial emancipation. Earlier in January, another Redditor revealed that he had sold all his Bitcoin (BTC) to pay off his parents’ mortgage. Another Redditor also liquidated MOON tokens earned on the platform to pay for rent.
Title: Early Ether investor sells all his ETH, plans to buy parents a house
Sourced From: cointelegraph.com/news/early-ether-investor-sells-all-his-eth-plans-to-buy-parents-a-house
Published Date: Thu, 21 Jan 2021 14:09:22 +0000