David Vance

Bitcoin

April

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripple-cto-david-schwartzs-fathers-multi-million-dollar-bet-on-xrp/">Ripple CTO David Schwartz’s Father’s Multi-Million Dollar Bet on XRP</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>David Schwartz, Ripple’s Chief Technology Officer (CTO) and the often-considered “brainchild” behind the company said his father took a moonshot gamble on XRP. In April 2014, the senior Schwartz purchased an eye-popping one million XRP from Justcoin when the asset was priced at an almost inconceivable half a penny.</p> 
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   <p lang="en" dir="ltr">My father bought over a million XRP in April of 2014 from Justcoin at about a half penny per XRP.</p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1708997355239072209?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 3, 2023</a> 
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<p>Fast forward to January 2018, XRP skyrocketed to a staggering high of $3.65, catapulting its market cap to a celestial $140 billion. If the elder Schwartz held onto his investment, it would have ballooned to a mind-blowing $3.65 million, a staggering 730,000% increase!</p> 
<p>While Chris Larsen, co-founder of Ripple, saw his holdings—an unbelievable 9 billion XRP tokens—balloon to an astronomical value of $60 billion, David Schwartz took a markedly different approach.</p> 
<h2 class="wp-block-heading" id="h-the-road-not-taken-by-ripple-s-stalwart"><strong>The Road Not Taken by Ripple’s Stalwart</strong></h2> 
<p><a href="https://www.forbes.com/sites/michaeldelcastillo/2018/09/04/ripples-trillion-dollar-man/?sh=452076ad7324" rel="noopener noreferrer nofollow">Forbes reports</a> that David Schwartz, despite his monumental contributions to Ripple and even being its second-ever employee, decided not to be lured by the siren song of XRP’s potential capital gains. Instead, he opted for a stable salary and a modest 2% stake in the company he helped to build. This decision highlights Schwartz’s unique financial philosophy, as he’s often seen as the ideological backbone of Ripple, advocating for decentralization and blockchain adoption.</p> 
<h3 class="wp-block-heading" id="strong-schwartz-s-crypto-portfolio-strong"><strong>Schwartz’s Crypto Portfolio</strong></h3> 
<p>Interestingly, Schwartz’s crypto preferences show a mix of caution and opportunism. In a 2021 tweet, he unveiled that he sold portions of his Bitcoin holdings at varying prices—from a mere $100 up to an eye-watering $50,000. When Bitcoin peaked at $63,000, Schwartz revealed that he retained only about 2% of his original holdings.</p> 
<p>This diversified approach extends to his overall crypto portfolio as well. Besides XRP, Schwartz holds other cryptocurrencies like BTC, ETH, and BAT. He disclosed that these holdings are “not necessarily by choice,” as they have resulted from airdrops and other market events over the years.</p> 
<p>Whether David Schwartz’s balanced approach will outshine his father’s moonshot bet in the long term remains to be seen. One thing is certain: both are a testament to the transformative, unpredictable, and high-stakes world of cryptocurrencies.</p>

Ripple CTO David Schwartz’s Father’s Multi-Million Dollar Bet on XRP

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