Reddit co-founder Alexis Ohanian reportedly bought 50,000 Ethereum (ETH) at pre-sale price for $15,000 in 2014, which was an average of just 30 cents per coin according to Feb. 21 Forbes’ report.
Ohanian further used the proceeds from his early Ether investment to establish a crypto-focused venture capitalist firm given his staunch faith this technology.
It was reported that Ohanian left the social media giant Reddit in 2020 to pursue his idea of a decentralized store of value. It was his Armenian heritage and background that spurred him to take an early gamble on Ethereum.
Speaking with Forbes’ reporter, Ohanian said:
“Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways, it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.”
As at present, Ohanian’s investment is currently worth $82,500,000 according to data from CoinMarketCap, which represents an increase of 549,589%.
Ohanian explained that his decision was influenced by the seizure of his family’s inheritance heirloom rugs by Turkish soldiers during the Armenian genocide in World War 1. Hence, his interest to invest in “unseizable property.”
Ohanian’s Travails in the Web3 Space
Having acquired substantial profits from Ethereum (ETH), Ohanian went ahead to create venture capitalist firm 776 in 2020 using his early proceeds. The firm has subsequently invested in more than 29 crypto-related startups raising $500 million in Feb. 2022.
Given Ohanian’s notion that the bear market provides every smart investor with the opportunity to buy at discounted prices, he has reaffirmed his interest to make long-term bets on the crypto industry.
As at present, the firm has more than $750 million in assets under management and it continues to push beyond the limit. This is a success story that can only be told by a diamond hand in the crypto space.