Vitalik Buterin Disclosed the Sale Price of his Ethereum Reserves

Kataryna Kovtun August 19, 2020

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Vitalik Buterin, Ethereum co-founder sold his ETH holdings when the cryptocurrency was at $ 700.

He spoke about this during a discussion on Twitter.

Bitcoin supporter under the nickname American.HODL has suggested that all ETH holders also own BTC, but not vice versa.

Another user under the nickname Andrewstotle added that even Vitalik Buterin holds hundreds of bitcoins and uses them for calculations. At this point, the co-founder of the cryptocurrency himself joined the dialogue.

The developer and bitcoin-maximalist under the pseudonym WizardofAus.Hodl expressed confidence that Buterin sold his ETH above $ 1000, after which he transferred them to bitcoins instead of rubles and dollars.

Buterin replied that he did liquidate his cryptocurrency reserves for dollars, but with a market value of around $ 700. He donated part of ETH to charity, supposedly about 30,000 ETH.

Buterin added that he had not bought Bitcoin since 2017 inclusive.

The Ethereum Foundation sold its coins at $ 1,200, channelling the funds towards developer payments and grants.

In a podcast with Thiel Capital Managing Director Eric Weinstein, Buterin revealed that in mid-January 2018, he convinced the Ethereum Foundation to convert 70,000 ETH to fiat currencies. Then the cryptocurrency reached a record high of $ 1400:

I convinced the Ethereum Foundation to sell 70,000 ETH, mostly at its peak, and that doubled our runway. It was a good decision that was very beneficial.

At that time, it was suggested that this step was necessary because the fund did not have enough funds. Buterin said that the injection of about $ 100 million in liquidity significantly expanded the project’s capabilities.

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