Ethereum billionaire founder Vitalik Buterin staked $ 25,000 on Dogecoin cryptocurrency meme and won.
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June 10, 2021
4 min read
Last May Vitalik Buterin became the youngest billionaire in the world at just 27 years old. Of course, this has a lot to do with his investment acumen. Digital currency creator Ethereum (ETH) showed that in 2016 he invested $ 25,000 in a cryptocurrency meme Dogecoin (DOGE) , and did more than $ 4 million in profit thanks to Ilona Mask tweets.
During a podcast by MIT researcher Lex Friedman, Buterin said he was impressed Dogecoin and made an impulsive bet without even having a goal in mind.
“I remember thinking, ‘How can I explain to my mom that I invested $ 25,000 in DOGE? “The only interesting thing about this cryptocurrency is the dog logo. But of course it was one of the best investments I have ever made. “ said Ethereum co-founder …
So it was. With a rise in price Dogecoin , Vitalik did $ 4.3 million after selling half of their tokens. This amount was donated to GiveDirectly, a non-profit organization.
Vitalik Buterin benefited from the “Musk Effect”
Of course, when buying cryptocurrency inspired by the famous ‘doge’ meme, the Shiba Inu dog, also known as ‘Cheems’, Vitalik Buterin had no idea the other tycoon would boost his capitalization at the tip of the tweets. We are talking about Elon Musk which caused growth of almost 800% in price Dogecoin in a day.
Despite Musk’s influence on the price of DOGE and other cryptocurrencies such as Bitcoin , the Russian programmer thinks not “Sophisticated Malice” behind it. He thinks maybe the CEO of Tesla and SpaceX “just a man who loves dogs … “
It is well known that Musk invested in $ 1.5 billion in Bitcoin through Tesla , and that for some time he received cryptocurrency as payment, although he refused a few weeks ago.
In this regard, Buterin says that Musk’s companies will have to switch to ETH sooner or later. ” Bitcoin is a blockchain for money, and Ethereum was created from the very beginning as a general purpose blockchain, “he said. noted.
In addition to optimism about the future of digital currencies, Vitalik Buterin said that he realizes that everything can be a bubble that will burst at any moment, if it has not already happened. Recall that Bitcoin lost about half of its value over the past two months, dragging the entire “cryptocurrency” ecosystem with it.
In the meantime, the 27-year-old billionaire will continue to enjoy his investment, which will hopefully add a few more million to his already solid fortune.