An early Ethereum investor has revealed he has now become financially independent after selling all of his ETH, with the price of the cryptocurrency being above $1,200 at press time.
On Reddit, a user going by FollowMe22 revealed in a thread that they had sold all of their remaining cryptocurrency this week, after starting to buy up ETH when the cryptocurrency was trading slightly above $2 back in 2016.
The user claimed he had “missed the boat” on bitcoin, and described using his tax returns in 2016 to buy ETH, and investing “a couple hundred” on the crypto whenever he was able to. To save money to invest, the redditor did not buy a car and used his bike to commute to work.
The user added: “Sold a large chunk during the previous bull run in 2017, and sold the remaining in multiple sales this January. Averaged about a 150x on my cost basis across all sales. All long-term capital gains. Now I’m 27 and financially independent. Will be buying my parents a house this year.
Another user managed to unearth FollowMe22’s first post entering the cryptocurrency space, where they described wanting to “buy about 250 ETH” while still being new to the cryptocurrency world and “not very technically savvy.”
At the time, the user wondered whether there was a significant risk on keeping his holdings on the cryptocurrency exchange where he acquired the funds. After clearing up his doubts, FollowMe22 did seemingly invest and managed to hold onto his funds.
The price of Ethereum has surpassed the $1,400 mark twice so far: once in early 2018 and earlier this month. Some analysts, however, believe it could go much higher. Fundstrat strategist David Grider has revelated he believes the price of Ethereum could go to $10,500.
Former Goldman Sachs executive Raoul Pal has revealed he believes the price of ETH, the second-largest cryptocurrency by market capitalization, could go to $20,000 “this cycle,” based on Metcalfe’s Law.