Ripple CTO Reveals His Father’s Massive XRP Purchase

David Schwartz, CTO of Ripple, recently shared that his father acquired over a million XRP in April 2014 from Justcoin. Back then, its price was about half a cent per XRP.

A modest bet

XRP reached a staggering peak of $3.65 in January 2018. This rise raised its market value to an impressive $140 billion. Chris Larsen, Ripple’s co-founder at the time, witnessed his cryptocurrency holdings, which comprised 9 billion XRP tokens, grow to an estimated value of $60 billion.

However, David Schwartz, often seen as the heart and soul of Ripple and its most passionate advocate, decided to take a different path, according to a Forbes report. Despite his significant contributions and being the second employee, Schwartz is not officially recognized as a co-founder of Ripple. He chose to accept a salary and a modest 2% stake in Ripple instead of the XRP cryptocurrency.

Schwartz’s cryptocurrency holdings

Delving deeper into Schwartz’s crypto preferences, a tweet of his from 2021 provides insight into how he has managed his bitcoin holdings over the years. He mentioned selling portions of his bitcoin at various prices, from $100 to $50,000. When the price of bitcoin reached $63,000, he revealed that he retained only about 2% of his original holdings. In another tweet from the same year, Schwartz shared a list of cryptocurrencies he owned at the time, with the list topped by XRP, followed by BTC, ETH, BAT, and others. He noted that these holdings were not necessarily by choice but largely the result of airdrops and other events.

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