Cryptocurrency investments made in the early years of the asset class have yielded life-changing returns for some fortunate few who recognized the opportunity early on.
One of those lucky investors is the father of David Schwartz, the chief technology officer of Ripple. In a recent tweet, Schwartz revealed his father’s remarkably well-timed purchase of over 1 million XRP tokens back in April 2014.
The buy-in price then was an astonishingly low half a penny per XRP. This meant his father was able to acquire the million-plus XRP for only around $5,000 total at the time.
Fast forward to today, and with XRP trading around $0.50, those same tokens are now worth over $500,000. That represents total gains of nearly 10,000% in under a decade on an investment smaller than most people’s emergency funds.
Schwartz’s father identified the potential of the nascent crypto asset space long before most. He took a chance on the still-obscure XRP token when few were even aware of cryptocurrencies.
His foresight and small bet on the future of money yielded over $495,000 in profits. While such outsized returns are no longer feasible, the Ripple CTO’s tale offers an encouraging lesson.
Astute crypto investors who trust their convictions can sometimes earn life-changing wealth, even when putting up just a few thousand dollars. For those who spotted the opportunity early like Schwartz’s father, cryptocurrencies delivered on their promise of generational riches.
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