Dan Conway Shares His Cryptocurrency Success Story, Made $13 Million in Ethereum Profits
- Dan Conway wrote a blog about his journey with cryptocurrency, including his success and failure.
- Ethereum is presently worth $190.21 each, rising by over 2% in the last 24 hours.
The cryptocurrency industry, even though it has been around the last decade, is still broadly misunderstood by the public. However, Dan Conway decided to tell everyone exactly how he went from a corporate worker to a millionaire via Ethereum. The blog post is presently featured through The Hustle, describing first his money transfer to Gemini Trust Company, LLC in New York City.
The blog describes his professional life first, calling it “desperation,” adding that he hated being a part of the scene. He sought ways to get out of it, and “stumbled upon” Bitcoin in a news article. He’d heard about the cryptocurrency before, but he was focused on “climbing the corporate ladder” at the time and thought Bitcoin wasn’t enough to get involved in. However, the article he read that morning changed his mind.
At the time, Bitcoin was down, and Conway began to think about how the token fell down at the time but wondered what he would make from this asset if it rose again. Conway admitted that he had an “addictive personality,” which had led to alcohol and drug use in the past. However, he saw his present situation as a motivator for getting involved, since he had three children and a mortgage to pay with wife Eileen. The recession years earlier had put his wife’s consulting revenue in a bad place, making money a little tighter.
He continued exploring this option, eventually transitioning from Bitcoin to Ethereum. Ethereum had only launched officially in July 2015, and he admired the blockchain technology that supported these assets. He brought up statements that he read from TechCrunch, stating that blockchain could provide the “stability of an organization but without the hierarchy.” While the concept seemed almost miraculous, there were many practical individuals getting involved.
Soon, Conway ended up with an “obsession” for Ethereum, constantly reading and researching the cryptocurrency asset. Less than a year after this desire began, he transferred the life savings of his family into the Gemini exchange, made popular by the Winklevoss brothers who developed it. The savings gave him 6,993 ETH, costing about $14 each.
Conway’s wife was not on board, but she ultimately agreed when Conway agreed to take the family on several “expensive trips.”
Before long, Conway finally met the volatility of the market that he had heard so much about. In June 2016, the price of Ethereum dropped when a big project was hacked. While the original value of Conway’s investment was worth $100,000, the value went down to $40,000. Still, he didn’t lose confidence in the token, and instead “decided to double down.”
Conway used home equity funds to add to their investment, slowly purchasing Ethereum. By winter, he had borrowed another $200,000 on his home for ETH, owning a total of 26,750 ETH, averaging $11.21 per coin. This investment put him “$300k in the hole.”
The family took their first of the promised trips in February 2017 to Mexico, and their Ethereum jumped by $50,000, putting them “in the black for the first time” since their investment. The price of Ethereum kept going up and was worth $230 each by May 2017. The rise took the $300,000 investment to over $6 million.
Conway would watch ETH rise and fall over weeks and weeks, leaving him “consumed.” If ETH fell, he would become impatient with his children, and he ultimately lost his job of six years during an especially volatile week. He grew fearful of hacks, which wasn’t unjustified. After all, millions of dollars in cryptocurrency were stolen from accounts in 2017, from June to October. During this time, ETH primarily jumped between $200 and $400.
He chose to hold on to these funds when his tokens were worth millions of dollars, which he stated was a good decision at the time. ETH almost doubled in price in December 2017, which is the same month that Bitcoin rose to nearly $20,000. With this jump, Conway’s financial advisor sent him an email, expressing that he “may want to sell.”
After checking a subreddit, Conway decided to weigh his options. Without selling, he stood to lose all of his funds if ETH tanks. As the price rose to $915, he slowly sold 11,000 ETH, valued at $10 million. Immediately after, he sent his wife a text, stating simply, “We are done.”
The market dropped soon after, and ETH went from $1,396 to under $100 from December 2017 to December 2018. Conway stated that he and Eileen paid off their mortgage, took a trip to Africa, and purchased a home in Ireland.
Now, with almost two years since cashing out, Conway says that it is “still surreal” that their bank account is worth so much. He even posted a picture during the blog of his account:
Now, Conway still thinks that cryptocurrency holds “new possibilities” for the future, and he believes that ETH will “pop again,” but he doesn’t recommend that anyone follow his same path. He credits “luck” for this success and says that there are “hundreds” of other investors that have had unlucky results. While he invested carefully, his attention now is on “making the concept of crypto-based decentralization more accessible to the general public.”
Now, his days are “normal,” and he even adds that he still owns and operates a minivan.
While he isn’t consumed by the need to invest in crypto, he states,
“Every now and then, after the kids are asleep, I lie awake thinking back on the rush of the market. And I miss it like hell.”
Today, at the time of writing, Ethereum is worth $190.21, rising in value by 2.73% in the last 24 hours, while continuing to hold down the #2 spot on CoinMarketCap.