In a surprising revelation, David Schwartz, the chief technology officer of Ripple, recently shared a remarkable story about his father’s foresight and investment acumen. In April 2014, when cryptocurrency was still in its infancy, Schwartz’s father made a bold move by purchasing over a million XRP from Justcoin.
Schwartz’s revelation was a response to a question from Alex Cobb (@AlexCobb_). Cobb asked, “WHAT IS THE LOWEST PRICE YOU EVER PAID FOR A SINGLE XRP?” At the time of Schwartz’s father’s purchase, XRP was trading around half a penny per token, a fraction of what it would eventually become.
My father bought over a million XRP in April of 2014 from Justcoin at about a half penny per XRP.
— David "JoelKatz" Schwartz (@JoelKatz) October 3, 2023
Read Also: Ripple CTO David Schwartz: Higher XRP Prices Will Bring About Cheaper Payments
Fast forward to January 2018, and XRP had reached its all-time high with a market capitalization of $140 billion. During this meteoric rise, Chris Larsen, Ripple’s co-founder, saw his holdings of 9 billion XRP soar to an estimated $60 billion. This momentous surge in XRP’s value drew attention not only to the cryptocurrency itself but also to the individuals associated with Ripple.
David Schwartz, one of XRP’s biggest advocates and the second employee ever hired, took the modest route. According to a Forbes report, while Larsen retained a substantial stake in XRP, Schwartz opted to receive a salary and hold a 2% stake in Ripple. His choice to not hold on to XRP like the others has raised eyebrows in the crypto community.
Schwartz’s Crypto Holdings
The report also highlights that despite his role as the chief architect behind Ripple, Schwartz is not listed as a co-founder. In a post from 2021, Schwartz went into detail about his crypto portfolio.
First on the list is XRP, followed by Bitcoin (BTC), Ethereum (ETH), and several others. Interestingly, Schwartz noted that these holdings were not necessarily the result of deliberate choices but acquired through airdrops and other events in the dynamic world of cryptocurrency.
Read Also: Ripple CTO David Schwartz Raises Alarm On Scam Site Promising 100M XRP Airdrop
Schwartz also disclosed that year that he had sold portions of his Bitcoin holdings at various price points, beginning from $100 and going up to $50,000 per Bitcoin. As the price of Bitcoin reached an astonishing $63,000, Schwartz had only about 2% of his original Bitcoin holdings. Although he agreed that users need to sell to profit, he highlighted this as the downside of risk management.
If Schwartz’s father held on to his XRP, he could be a lucky man because a new analyst has predicted that XRP could soon reach a new all-time high of $5.85.
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