When a crypto billionaire donates $1 billion to battle Covid in India, the value of the currency plummets, allowing him to do less.

 

At the battle of Covid in India, cryptocurrency billionaire and Ethereum co-founder Vitalik Buterin made one of the largest individual philanthropic donations ever, donating Ethereum and Dogecoin-like 'coins' worth over $1 billion. Unfortunately, the value of the donated currency started to plunge almost immediately after the giveaway was made public, resulting in a substantially lower overall donation.

Buterin, the 27-year-old co-founder of Ethereum, revealed on Wednesday that he had donated approximately $ 1.5 billion to a variety of charities, including those using the more robust Ether cryptocurrency.

However, the Shiba Inu (SHIB) digital coin, which is identical to Dogecoin and is named after the dog breed and features the dog as a mascot, accounted for $ 1.2 billion of that total. Buterin is said to have donated 50 trillion SHIB tokens to Indian tech entrepreneur Sandeep Nailwal's India Covid-Crypto Relief Fund.

Dogelon (ELON) and Akita Inu (AKITA) coins, which gained attention after Dogecoin began attracting millions of dollars in investments earlier this year, were also donated by the world's youngest crypto billionaire.

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The developers of these cryptocurrencies sold them to Buterin, and the billionaire owned nearly half of the total supply of some of them. However, their prices started to plummet almost immediately after the donation was made public, including SHIB's.

Because of these worries, Nailwal tweeted that they will "act wisely" and not damage the Shiba Inu coin's value.

To do this, the non-profit organization may need to ensure that large amounts of cryptocurrency are not converted to Covid Aid at the same time, which means that cash may not be an option. To address India's current health crisis, oxygen cylinders and other critical supplies are readily available.

According to Forbes, Buterin also donated Ethereum and multi-million dollar coins to the humanitarian nonprofit GiveWell, the Methuselah Foundation, which works to expand human life, and the Machine Intelligence Research Institute, which works to establish secure artificial intelligence (AI) technologies.

The help could end up being worth much less than the sums expected due to the rapid drop in the value of these cryptocurrencies, raising concerns about how billionaires and philanthropists will secure the true value of their properties. Donations made in cryptography