Vitalik Buterin Makes $4M Profit With Dogecoin Investment
Vitalik Buterin, the co-founder of Ethereum, has reportedly made a $4 million profit from his investments in the meme cryptocurrency Dogecoin (DOGE).
In a podcast published by the MIT researcher Lex Fridman, Buterin has revealed that he invested $25K in the cryptocurrency 5 years ago. He has added that he did not have any special reason for making the investment, apart from the fact that he liked the logo, a Shiba Inu dog.
According to him, in spite of that, it is actually one of the best investments he has ever made. He said:
“I remember thinking, ‘How can I explain to my mom that I have 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.”
Buterin has said he has sold half of the coins and has given away $4.3M to non-profit organization GiveDirectly.
He has added that Elon’s Musk tweets about Dogecoin, which have caused very sharp price movements, are not malicious. In addition, he believes Tesla and SpaceX will have to implement Ethereum sooner or later if they want to stay in the crypto ecosystem.