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The Ethereum Foundation sold 70,000 ETH resulting in a $100 million liquidity, according to Buterin

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According to a recent statement by Vitalik Buterin, he has convinced the Ethereum Foundation to sell 70,000 ETH at the peak of Ethereum’s all-time high, creating a liquidity of $100 million for the Ethereum foundation.

The price today, though, is nowhere near to what it was two years ago. Volatility has taken a hit, and it seems that a break-out is all the less probable. According to Vitalik Buterin, enough value hasn’t been created to justify the $1,400 price of Ethereum.

WHAT HAPPENED?

When the coin exploded in late 2017 and early 2018,  Buterin managed to persuade the Ethereum Foundation. to sell up to 70,000 ETH. This resulted in immediate liquidity of about $100 million, meaning that when the value flirted with the $1,400 level they sold at the absolute peak.

In a recent conversation with Eric Weinstein, a well-known podcaster who is also the managing director of Thiel Capital, Buterin disclosed the details on this matter.

Buterin also made some serious money for himself. He sold an estimated 30,000 ETH, which was worth approximately $22 million at that time.

CRYPTO WAS NOT PREPARED TO BE AS VALUABLE BACK THEN

The Ethereum founder confirmed that he was glad when the prices going down. According to him, there is not enough value for it to be worth half a trillion dollars in the crypto business.

Vitalik Buterin is not the only one who sold their cryptocurrencies back at an all-time high. Charlie Lee, the founder of Litecoin, sold all his Litecoin’s at the all-time high. The move, that is still condemned by Litecoin’s investors.

As for Ethereum itself, the value of the currency is far below its all-time high of $1400. Ethereum is currently at $141. Ethereum, however, is still leading, with new dApps, smart contracts, altcoins, and other items being developed on the platform on a daily basis.

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Olesia Deineka

Olesya is a freelance journalist for Bitxmi. Relatively new in the cryptocurrency space, she is passionate about journalism and fair, unbiased reporting.

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