A San Francisco man, Fred Ehrsam, co-founder of Coinbase, invested $1 million in Bitcoin in 2012 when it was priced at $8. Ehrsam, then a trader at Goldman Sachs, learned about Bitcoin from a friend and saw its potential as a decentralized, global currency. Despite being met with skepticism from his peers, he liquidated his savings and made the investment.
Ehrsam left Goldman Sachs to pursue his passion for cryptocurrency full-time. He recognized the difficulty in buying and selling Bitcoin and co-founded Coinbase with Brian Armstrong. Their goal was to make cryptocurrency more accessible to the average person.
Coinbase grew to become a leading cryptocurrency exchange. Ehrsam eventually left his day-to-day role at Coinbase but remained on the board and continued to be involved in the crypto space through his venture capital firm, Paradigm.
His initial $1 million investment in Bitcoin is now estimated to be worth significantly more, reflecting the massive growth and increased value of Bitcoin since 2012. Ehrsam’s story highlights the potential rewards of early investment in disruptive technologies and the importance of believing in one’s conviction, even when facing doubt from others.
find the original article here: https://finance.yahoo.com/news/san-francisco-man-bought-1-100200339.html