Buterin Convinced The Foundation To Sell 70,000 ETH To Boost Liquidity

Vitalik Buterin convinced the Ethereum Foundation to sell about 70,000 coins during 2017’s parabolic run which resulted in a $100 million liquidity which was the intention. In our ethereum latest news, we find out more about how he managed to do so.

ETH is still the second-biggest cryptocurrency by market cap but its price nowadays is not even close to what it used to be two years ago. The volatility has taken up a beating and a breakout seems to be impossible at the moment. However, Buterin convinced the foundation which had the financial already sorted and it so happens that the co-founder managed to convince them to sell 70,000 ETH once the coin peaked in 2017.

This resulted in an instant liquidity boost of around $100 million assuming that they will sell the coins at the absolute peak once the price hits the $1,400 mark. Buterin revealed that this was his plan in a conversation with Eric Weinstein which is a well-known podcaster who is also the managing director of the Thiel Capital company. Buterin’s leverage of the coin’s rally helped him make a lot of money for himself too. He sold about 30,000 ETH which was worth more than $22 million at that time. This move made many of the users wonder whether the foundation’s motives are right.
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A lot of people in the community though they did so as they spent the entire fiat reserves and according to Buterin, this should not have happened.

When he was asked what he thought about the drop in prices, Buterin admitted that he was relieved when it happened. According to him, the entire industry has yet to create a lot of value to actually be worth half a trillion dollars. He noted that he didn’t short but he did convince the foundation to sell a huge chunk of ETH. This comes as no surprise as many other prominent crypto figures did the same. One of the examples is Charlie Lee the founder of Litecoin who was heavily criticized for the move as many believed that he could be dumping coins because of the knowledge that was unavailable to the wider public.