• Ethereum co-founder Vitalik Buterin purchased USDC at its lowest price during a market panic.
• He made five separate transactions, buying a total of 400,000 USDC.
• This was in line with the philosophy of Baron Rothschild who famously said “the time to buy is when there’s blood in the streets.”
Ethereum Co-Founder Buys During Panic
Ethereum blockchain co-founder Vitalik Buterin saw an opportunity amid the market panic surrounding USD Coin (USDC) and decided to take advantage of it. On March 11 — when USDC fell to a low of $0.88 — Buterin acquired more of the stablecoin in five separate trades, adding a total of about 400,000 USDC to his wallets at a steep discount.
Baron Rothschild’s Philosophy Followed
Buterin’s highly successful series of trades seemingly resonates with the philosophy of 18th-century British nobleman and member of the Rothschild banking family Baron Rothschild, who famously said: “the time to buy is when there’s blood in the streets.” This appears to be exactly what happened as crypto data indicates that no USDC token has left Buterin’s wallets since then.
Lowest Price Since January 2021
As reported by Crypto News recently, USDC lost its $1 peg to the USD on March 11th, trading as low as 81.5 cents – its lowest price since January 2021. Meanwhile Circle, issuer of USDC has burned $2.34 billion in order to meet increasing redemption requests from customers for their coins back into fiat currency such as UDS Dollars or Euros.
Analysis Of The Situation
To better understand what happened with USDC and why Vitalik Buterin bought it at such a low price ClearValue Tax released an explainer video which can be watched here: [link]. It offers an analysis on how this situation developed and also provides some outlook into future scenarios related to this incident.
Conclusion
It remains unclear whether Vitalik Buterin will make any profits from his purchase or not but taking into account his past success stories it would be wise not to underestimate him anytime soon
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