Dan Conway bets big on Ethereum – and actually wins! Dan Conway, a former middle-manager in Silicon Valley, talked to The Hustle about his all-or-nothing $300,000 bet on Ethereum that has made him a very rich man.
The story starts like any story begins in Silicon Valley – a person who’s making decent money wants to take a gamble. Conway was making about $150,000 a year when he asked his wife if he could invest the family’s $100,000 in savings. The $100,000 was earmarked for their three children’s college education – and he was willing to put it all into a risky crypto play.
“I hated the fake company culture, the bureaucracy, the endless chains of command,” he wrote. “Like so many others, I was looking for some kind of escape.”
His wife, amazingly, agreed with his gamble. Conway recognized that his addictive personality was self-destructive if left unchecked. But the more he read about crypto, the less he viewed it as a gamble and more as a tool for the future.
This was in 2015 when Bitcoin dropped from a previous high of $1,200 to $300.
“What if it goes up again? What if I put everything I had into this?” he wrote. “I could get rich and never work another day in Corporate America.” Conway focused his attention on Ethereum, which had just launched in July 2015.
He used $100,000 to buy 6,933 ETH at an average price of $14. The crypto market saw some volatility and he watched his investment drop below $40,000. This sent him to the emergency room, struggling to breath. “The doctor diagnosed me with a panic event.”
Conway was undeterred, however. He dipped into his home equity line and borrowed another $200,000 and ended up with a total of 26,750 ETH at an average cost of $11.21 each. We know what happened next. In January 2018, near the end of the bull run that started in 2017, Ethereum topped $1,000 a token. His initial investment of $300,000 ballooned up to $6 million.
Unlike many investors who started in 2017, he sold the top and cashed in most of his Ethereum position for a solid $10 million dollars. Ethereum still hasn’t recovered from the 2018 peak, trading under $200, but still far above the average $11.21 that he had bought his second wave of ETH at.
Conway since has paid off his mortgage, took his dream vacation in Africa, bought a second home in Ireland, and still has seven figures in the bank.
His advice for Ethereum traders is this:
“I still believe crypto will open up new possibilities for organizing the world in the decades ahead, and I’m confident it will pop again as a result. But I don’t recommend that anyone try to replicate what I did. For every story like mine, there are hundreds of others about people who lost it all. I know that could’ve easily been me.”
We at Crypto Traders Pro cannot agree more wholeheartedly with Conway – please do not go into debt to try to trade cryptocurrencies. Invest in learning and training courses that will teach you technical analysis and fundamental analysis. Just to let you know – we do that. Click here to sign up! Let us know what you think on our Facebook page!
