A Reddit user announces that he has liquidated his ETH stash, bought five years ago when the price was just $2
Reddit user „u/FollowMe22“ has announced that he has finally sold all his Ether (ETH) purchased in 2016. According to the post, he started buying ETH in 2016 when the price was just over $2:
„In 2016 I invested my entire tax refund and bought a few hundred dollars whenever I could. I didn’t buy a car and cycled to work to save money. I remember at the time I thought there was a 1/3 chance of it multiplying by 100 times, so I was convinced the risk/reward was asymmetric.“
The user explained that he sold a „large portion“ of his Ether during the bull run of 2017. However, he kept the remaining ETHs until January 2021.
Another user in the thread found the first ever Bitcoin Benefit post published by the u/FollowMe22 account, in which the latter talked about his initial intention to buy and store ETH for the long term:
„I want to buy about 250 ETH, but I’m a complete newbie in the cryptocurrency world and I’m not tech savvy. I’ve read a lot in Ethereum subreddits, but before registering an account on Kraken I wanted feedback from the trading community because there aren’t many posts that talk specifically about buying ETH with USD… I plan to store ETH for the long term.“
Overall, the investor said he made a profit of 14,900%. The 27-year-old user claims to be financially independent and has plans to buy his parents a house in the coming months.
Over the past five years, Ether has risen almost 60,000%: it has crossed the $1,400 mark twice, in January 2018 and most recently in January 2021. According to David Grider, an analyst at Fundstrat Global Advisors, the price of ETH could reach $10,500.
The post is one of many appearing on Reddit, describing how investing in cryptocurrencies has helped many achieve financial security. In early January, another Reddit user revealed that he sold all his Bitcoins (BTC) to pay off his parents‘ mortgage. Another liquidated the MOON tokens he earned on the platform to pay his rent.