An early Ethereum investor has announced that he has become financially independent after selling all of his ETH. The price of the cryptocurrency was over $ 1,200 at the time of going to press.
A FollowMe22 user is used on Reddit revealed in a thread that they had sold all of their remaining cryptocurrency this week after they started buying out ETH when the cryptocurrency traded slightly above $ 2 in 2016.
The user claimed he “missed” the boat with Bitcoin and described how he used his 2016 tax returns to buy ETH and invest “a few hundred” in the crypto whenever he could. To save money on investments, the editor didn’t buy a car and commuted to work on his bike.
The user added, “Sold a large portion during the previous bull run in 2017 and sold the remainder in multiple sales in January. Average of 150x on my cost basis across all sales. All long-term capital gains. Now I’m 27 and financially independent. I’m going to buy my parents a house this year.
Another user managed to find FollowMe22’s first post in the cryptocurrency space, describing that he wanted to “buy about 250 ETH” while still new to the cryptocurrency world and “not very tech savvy”.
At this point, the user wondered if there was any significant risk of holding their holdings on the cryptocurrency exchange where they were buying the funds. After FollowMe22 cleared his doubts, he apparently invested and managed to hold onto his funds.
The price of Ethereum has exceeded the $ 1,400 mark twice so far: once in early 2018 and early this month. However, some analysts believe it could go much higher. Fundstrat strategist David Grider announced that the price of Ethereum could soar to $ 10,500.
Former Goldman Sachs chief executive Raoul Pal said he believes the price of ETH, the second largest cryptocurrency by market capitalization, could soar to $ 20,000 this cycle under Metcalfe Law.