Cardano (ADA) Founder Shares He Invested Into Bitcoin (BTC) At $1 In 2011
Investing $1 In Bitcoin In 2011
Charles Hoskinson, Ethereum and Cardano’s co-founder, was one of the first to enter the cryptocurrency market. In 2011, he invested in $1 and as most may surmise, that investment looks very different, especially given that the infrastructure supporting the market and blockchain has changed drastically. By 2013, bitcoin’s value increased 250-fold and that $1 became $250.
The path today for Charles Hoskinson was interesting. He indicated that a Chinese entrepreneur approached him to create a stablecoin for $500,000. At that time, it was the first purported development of such a coin and many investors would have been able to use it to hedge against the value of the USD.
Hoskinson rejected the offer and then met with Dan Laimer, BitShares’s creator, to develop one the first decentralized cryptocurrency exchange platform. However, he ultimately left the company because of differences between Laimer and himself. Then, Hoskinson met with Anthony Di Lorio and Vitalik Buterin to create Ethereum.
As Hoskinson stated, Anthony approached him and told him:
There’s this kid called Vitalik, at the time he was 19, and he’s written this create white paper. I can’t really make heads or tails of it. Can you read it? Let me know what you think. And I said sure, Anthony. So I read the paper, was very rough, but I said, there’s something here and that’s how I met Vitalik Buterin.
Di Lorio, Joseph Lubin, Buterin, Gavin Wood, and Hoskinson successfully launched Ethereum in 2014 at the North American Bitcoin Conference. Hoskinson added, concerning the event and launch:
The North American Bitcoin conference in January 2014. So Anthony rented a beach house, we all bought [our] own way. There we met everybody, Joseph Lubin, Gavin Wood, came a lot of the big guys now who were not so big back then came and that was really the birth of Ethereum.
Four years later, the cryptocurrency industry has grown exponentially, especially in areas concerning infrastructure, blockchain systems, and scalability. Ethereum’s launch led to the development of decentralized applications and it became the first decentralized computing system in the world.
Ethereum also led to the first ICO, enabling blockchain projects to raise billions of dollars to develop blockchain protocols. Interestingly enough, EOS, one of the largest ICOs in history which raised $4 billion, was led by Dan Larimer.
After founding and launching blockchain, Charles Hoskinson launched Cardano in 2015, the first proof-of-stake blockchain protocol that is built specifically to handle dApps and payments with two separate layers to enhance scalability.
Further, the price of bitcoin, during those years, reached $19,5000. Though the cryptocurrency has decreased to around $6,500 in the past few months, it is still a massive return for those who invested $1 at the start.