Vitalik Buterin sold $4 million worth of DOGE and donated the profits to charity

11-06-2021

Vitalik Buterin spoke about his experience investing in Dogecoin. According to the Ethereum co-founder, he was impressed by the DOGE digital currency community. Buterin says he invested $25,000 in this altcoin in 2016. Now he can’t objectively explain why he decided to make the move. 

“I remember thinking, ‘How do I explain to my mom that I invested $25,000 in DOGE?’ The only interesting thing about that coin was the dog logo. But, of course, it was one of the best investments I ever made,” Vitalik recalls.

Musk’s speculation about the active promotion of DOGE on Twitter caught Vitalik off guard. He recalls that he learned the news of the “meme” cryptocurrency’s rise during his isolation in Singapore. Then the price of Dogecoin jumped by more than 770%. Investments in altcoin brought Buterin more than $4 million, which he received for the sale of half of his coins. One of the founders of ETH donated this amount to charity. The funds were transferred to GiveDirectly, a nonprofit organization that helps families in Africa living in extreme poverty. 

Vitalik Buterin stressed that he did not see a “malicious” motive in the Tesla founder’s actions. He believes that the billionaire simply likes dogs and should not see this as some kind of provocation. Vitalik also compared Bitcoin and Ethereum blockchains. According to him, the former was created more for money, while the latter was originally developed for general purposes. With this in mind, Tesla will have to eventually adopt Ethereum to stay in the cryptocurrency ecosystem.

On Twitter, Elon Musk responded to Vitalik’s statement that he agreed with him almost completely. However, the billionaire did not specify what he meant.

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