Alexis Ohanian has a strong belief in cryptocurrencies and even founded a venture capital firm specializing in them with the money from an early Ether investment.

In 2014, during the presale of the cryptocurrency, Reddit co-founder Alexis Ohanian reportedly paid just $15,000 for 50,000 Ether, or just 30 cents each coin.

Ohanian, who left the social media behemoth in 2020, claimed in a Forbes piece published on February 21 that his Armenian origin contributed to his attraction to the idea of a decentralized store of value and that this led him to make an early investment in Ethereum.

“Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.”

According to CoinMarketCap, this investment is now worth a staggering $82.5 million at current rates, a growth of 549,589%.

He went on to describe how the Armenian genocide in World War 1 caused his family’s legacy of antique rugs to be taken by Turkish soldiers, which sparked his interest in “unseizable property.”

Ohanian, who strongly supports self-custody due to his dislike of seized property, handles the private keys to some of his most significant crypto-related investments to keep them off exchanges that are more susceptible to government snooping.

Ohanian stated he saw the possibility for developers to create a wide range of possibly unseizable assets such as nonfungible tokens (NFTs) on top of Ethereum when he first heard about it in a meeting with cryptocurrency exchange Coinbase.

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He so made his initial Ether investment, but later admitted in an interview that “in hindsight, I didn’t invest nearly as much as I should have.”

With the money from his early investments in Ether and Coinbase, Ohanian formed the venture capital firm 776 in 2020. The firm has invested in 29 cryptocurrency-related startups and raised $500 million in February 2022 to fund additional similar investments.

The company has considered the most recent market slump as the ideal time to place long-term bets on the cryptocurrency industry, in keeping with Ohanian’s beliefs that bear markets give investors with the opportunity to buy assets at discounted rates.

The company presently manages over 750 million dollars in assets.

Ohanian pointed out that while there are many people who “have the generational consciousness of experiencing tremendous inflation,” crypto’s volatility is much more tolerable for these folks despite the fact that it is incredibly volatile.