Ethereum co-founder Vitalik Buterin raised over $ 4 million from investments in Dogecoin (DOGE). In a researcher podcast WITH Lex Friedman, he said that in 2016 he invested $ 25,000 in cryptocurrency.
According to Buterin, he was impressed by the Dogecoin community, but had no objective reason to invest in the asset.
“I remember thinking, ‘How can I explain to my mom that I invested $ 25,000 in DOGE?’ The only interesting thing about this coin is the dog logo. But of course it was one of the best investments I have ever made, ”he said.
The Ethereum co-founder noted that he was caught off guard by the speculative hype over Elon Musk’s tweets about the cryptocurrency meme. He said that he was in isolation in Singapore when the price of DOGE rose 775% in one day.
He sold half of the coins and donated $ 4.3 million in profits to the nonprofit GiveDirectly.
Buterin does not believe that there is “sophisticated malice” in Musk’s actions. According to him, a businessman is “just a person who likes dogs.”
He stressed that Tesla and SpaceX will have to adopt Ethereum at some point if they want to stay in the cryptocurrency ecosystem.
“Bitcoin is a blockchain for money, and Ethereum was created from the very beginning as a general-purpose blockchain,” he said.
Musk commented that he “almost completely” agreed with Buterin’s words. He did not elaborate on what he meant.
I pretty much agree with Vitalik
— Elon Musk (@elonmusk) June 5, 2021
In May, the Ethereum co-founder criticized Musk for speaking out about increasing Dogecoin’s scalability and lowering fees on the cryptocurrency network.
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