Buterin: Ethereum Foundation Sold 70,000 ETH at All-Time High

Michael LaVere
  • Vitalik Buterin revealed on a recent podcast that he was able to convince the Ethereum Foundation to sell 70,000 ETH at the last all-time high.
  • Development group would have made around $100 million when the price of ETH was near $1400

Vitalik Buterin, co-founder of Ethereum, revealed that the Ethereum Foundation netted around $100 million by selling ETH at its last all-time high, when it was trading close to $1,400.

Speaking on a podcast with Eric Weinstein, managing director of Thiel Capital, Buterin explained that the Ethereum Foundation sold 70,000 ETH “basically at the top” of its market price. 

Buterin was able to convince other members of the Foundation to make the trade. He said,

I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.

Ethereum’s previous all-time high occurred in January 2018, when the price of ETH reached close to $1,400. Buterin also has a personal history of selling at the top of the market, moving 30,000 ETH at the end of the bull market in December 2017. 

When asked how he felt during the ensuing bear market of 2018, which took the price of ETH as low as $84, Buterin said he was undeterred. He also explained that he was relieved by the price correction and did not believe that crypto had created enough value to be worth half a trillion dollars. 

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The Swiss Warm to Crypto Investments

The Swiss are shifting more focus to cryptocurrency investments. This is according to a survey taken on behalf of Migros Bank, which revealed that a growing proportion of Swiss residents are invested or actively looking to invest in cryptocurrencies.

The survey which was conducted by market research institute Intervista showed that 7% of savers between the age of 18-55 already hold cryptocurrencies such as ether and bitcoin. Even more encouraging was the finding that 7% of those aged between 30 and 55 plan to extend their crypto portfolios in the future.

Unsurprisingly, the survey found younger participants to be the most bullish on the long term prospect of crypto. According to 13%, aged between 18 and 29, cryptocurrencies will become more "important" in the future.

Less extraordinary were the results of the older generation. Per the survey, respondents aged over 55 were much less likely to own cryptocurrencies, and only 0.5% thought that it was a worthwhile long term investment. 

Switzerland Ups the Ante on Crypto Regs

This uptick in demand for cryptocurrency comes just after Switzerland imposes more stringent crypto regulations. 

Jumping off recommendations issued within both the Financial Action Task Force (FATF) guidance and the EU's 5th anti-money laundering directive (5AMLD), the Swiss Financial Market Supervisory Authority, or FINMA, recently opted to tighten their travel rule.

The rule, which requires crypto firms to disclose customer information for transfers above $1,000, was initially set by FINMA at a threshold of $5,000 (5,000 CHF) but has since lessened to just $1,000 per the FATF and 5AMLD directives. 

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