Vitalik Buterin is the 27-year-old founder of Ethereum. He donated cryptocurrency worth $1 billion when India’s covid-19 pandemic was raging towards its peak in mid-may. This is to support the pandemic relief work in India.
Astonished Media
Our astonishing media reported it as the single most significant philanthropic contribution to help affected Indians. However, others thought it was a bit of a joke. Especially since the cryptocurrency donated was Shiba Inu, one of the growing numbers of digital meme currency.
Still Skeptical
Moreover, several Indians are understandably skeptical about the very idea of cryptocurrency. However, several questions arise about the kind of currency that isn’t backed up by a Sovereign state and a public institution like a central bank.
Bitcoin
The pioneer cryptocurrency Bitcoin traded at just $0.0008 in 2010. However, it is commanding a market price of just under $65,000 this April. Many new coins got introduced since Bitcoin’s launch. Moreover, their cumulative market value touched $2.5 trillion this May.
Late Adaptor
India became a late adaptor in all the previous phases of the digital revolution. It’s time for India to play catch-up as we are still doing on 4G and 5G. Indians are currently on the cusp of the next phase, which technologies like Blockchain could lead.
Potential
Moreover, we can channel our human capital, expertise, and resources into the revolution and emerge as one of the winners of the wave.
