Reddit Co-Founder Cupped 50,000 ETH for $15,000 in Presale

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Alexis Ohanian, best known as the Co-founder of Reddit and businessman reportedly purchased 50,000 Ethereum for $15,000 during the 2014 presale of the token. 

According to CoinMarketCap, Ohanian’s Ether investment is now valued at a staggering $82.5 million, a rise of 549,589%. Meanwhile, a current analysis of the price of Ethereum revealed that the price remains in an uptrend for the time being. In addition, sellers continue to push the price below previous resistance levels on a short-term basis.

The businessman told Forbes on Tuesday that his generational history is a major reason he gambled on Ethereum despite market volatility. He explained that his forefathers were killed during the Armenian Genocide and their assets were confiscated. This event, he claims, piqued his interest in purchasing virtual assets that are not subject to seizure.

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Notably, Ohanian is a strong supporter of self-custody due to his dislike of seized property. He controls the private keys to some of his most significant investments in the industry, keeping them off exchanges that are more open to government snooping.

Furthermore, the businessman claimed that after learning about Ethereum, he recognized the possibility for programmers to create a variety of possibly unseizable assets on top of it, such as Non-Fungible tokens (NFTs).

Reddit Boss to Use Ethereum Proceeds to Establish Firm

Alexis Ohanian has revealed plans that he will be using the proceeds from his crypto investments to establish a new venture capital firm focused on backing “underestimated founders.”

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Ohanian previously stated that he had sold all of his remaining cryptocurrency assets and would use the money to launch “Seven Seven Six,” a new venture capital firm. With Seven Seven Six, Ohanian aims to continue his mission of supporting early-stage startups and founders, particularly those who may face additional barriers to success.

His firm has since assisted a lot of startups including NFT maker, Doodle which closed $54 million in its first funding round at a valuation of $704 million. In addition, Seven Seven Six also supported Proof Collective, a Web3 startup in the completion of its $50 million Series A round.

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