Justin Sun talks about buying Bitcoin under $1 and creating smart contract

Justin Sun, the founder of Tron, looks back on his early days in cryptocurrency, sharing how he bought Bitcoin for less than $1 and helped create smart contracts, also shaping the future of blockchain technology.

In a conversation about Justin Sun’s journey through the cryptocurrency world, the founder of Tron reflected on his early days in the industry. He reveals how he bought Bitcoin when it was worth less than $1 and helped pioneer the concept of smart contracts.

Justin Sun’s early crypto investments

Sun’s journey into crypto began in 2012 when Bitcoin was still in its infancy and could be purchased for less than $1. He recalls that at the time, even platforms like Taobao, a major e-commerce site in China, were selling Bitcoin. This was a far cry from today’s massive crypto exchanges and skyrocketing Bitcoin prices.

JUSTIN SUN: "I BOUGHT BITCOIN AT $1 AND WORKED ON THE IDEA OF SMART CONTRACTS"

“I got into crypto in 2012, Bitcoin was less than $1.

You could even buy Bitcoin from Taobao, an eBay e-commerce platform in China.

Ripple Labs at the time, started a new company, a new token name… https://t.co/j27tRQASr6 pic.twitter.com/b1EnXVMO95

— Mario Nawfal (@MarioNawfal) December 7, 2024

Sun also joined Ripple Labs, where the team was focused on creating a new token called XRP. During this time, Sun began to see the massive potential of blockchain technology. By 2014, Sun and his team began focusing on a new vision building a blockchain to support smart contracts.

At that time, smart contracts were a completely new idea in the crypto space. No existing cryptocurrencies had implemented them, but Sun and his team believed in this feature and thought that it could greatly improve blockchain technology’s flexibility and use cases.

From Ripple to Ethereum

In 2015, Ethereum came onto the scene, successfully raising funds through its initial coin offering (ICO). This confirmed the validity of Sun’s vision, he and his team invested heavily in Ethereum’s ICO, recognizing its potential to revolutionize the blockchain space.

Around the same time, platforms like Poloniex also emerged, allowing users to buy and trade Ethereum, helping them to establish the foundation for decentralized finance (DeFi).

With the rise of Ethereum and the launch of ERC-20 tokens, Sun and his team began to develop their own blockchain by focusing on making smart contract implementation faster and more affordable. The idea is to create a more efficient and scalable blockchain than Ethereum.

Reflecting on the early days, Sun also spoke about Bitcoin’s volatility. At the time, Bitcoin’s price constantly fluctuated, making it hard to judge its true value. Bitcoin’s price was often measured in terms of Ethereum, as there were no stable fiat pairings for Ethereum at that time.

For Sun, the early crypto years were about innovation, taking risks, and working towards a vision that helped build today’s blockchain ecosystem.

By buying Bitcoin for under $1, investing in Ethereum’s ICO, and leading the charge for smart contract development, Sun’s impact on the crypto world continues to resonate today.