Ripple’s CTO admits that he has only 2% of his BTC coins left after starting to dispose of his position when the asset was around $100 as we can see more in our latest Bitcoin news today.
David Schwartz, Ripple’s CTO admits has been gradually offloading his BTC position for years and was left with about 2% of his entire stack. During a recent Twitter threat, they outlined the importance of taking profits while blasting the narrative that the investors cannot lose money if they do not sell during a bear market.
Schwartz took it to Twitter to explain his views on a famous saying that the investment community showing that people can’t lose money if they don’t sell the asset when its price drops. However, classified as “nonsense” it has to be put to “death for good.” He concluded:
“So, if you bought $1,000 worth of crypto and its price dropped to $500, you went from no better and no worse off than someone with $1,000 to no better and no worse off than someone with $500. To say that that’s not losing money is completely absurd.”
After the comment about the importance of profit taking with investment tools, Schwartz explained his bitcoin approach. Ripple’s executive said that he was gradually disposing of his coins at $100 and continued selling off at other round-numbered milestones. He then indicated that he’s lifted with only 2% of his BTC positions but it seems that Schwartz may have some regrets about selling at the previous prices saying that’s the downside of de-risking to comment about saying “imagine if you would have held on to the 98% till date.”
While the executive focused on investment strategies and his BTC approach with the company he works at enjoyed positive news in the ongoing legal case against the US SEC. The SEC alleged that the payment processor of conducting a $1.3 billion unregistered security offering but was detrimental for the company and XRP with the situation reversing in the past few weeks.
Ripple had two court wins against the SEC but the Judge allowed the firm to receive access to the SEC internal discussions about ETH and BTC and later disallowed the regulator to receive the personal financial records of both executives in the company.
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