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Views on cryptocurrency have been conflicted. Tesla, for one, has put the brakes on accepting Bitcoin due to climate change issues, even though it believes digital tokens have “a promising future.”
As for Vitalik Buterin, the 27-year-old founder of major cryptocurrency platform Ethereum, part of his wealth—over US$1 billion in cryptocurrencies—will be dedicated to bringing COVID-19 relief in India. Input reports that he’s allocated a fraction of his donation in Ether (ETH), the main currency used in Ethereum and a comparably stable option, to India’s Crypto COVID Relief Fund.
The second part of this donation is a little bizarre; Buterin offered about US$1 billion in Shiba Inu (SHIB) coin, a meme currency that began as a joke. It’s much more volatile than Ether, and after it became known that Buterin was making this donation, Shiba Inu coin plunged from US$0.0038 on Monday to US$0.00002043 as of the time of publication. According to Input, this has pulled the amount in Shiba Inu coin down from about US$1 billion to “closer to US$500 million.”
Nevertheless, the Crypto COVID Relief Fund expressed its thanks for the grand donation in a transparency update.
As Shiba Inu coin is highly volatile, the fund says it will liquidate the amount “slowly over a period of time” out of concern that the SHIB market might dip.
https://t.co/PO3K280pmq(2/x)— India's Crypto Covid Relief Fund 🇮🇳 (@CryptoRelief_) May 12, 2021[via Input, cover image via Shutterstock]