Crypto billionaire donates $1bn to India’s Covid fight – and currency instantly plummets to make it worth less

Some of the ‘meme coins’ that were donated tanked in value by nearly 40%

5/14/2021 7:10:00 AM

Crypto billionaire donates $1bn to India’s Covid fight – and currency instantly plummets to make it worth less

Some of the ‘meme coins’ that were donated tanked in value by nearly 40%

These cryptocurrencies were gifted to Buterin by their creators, and the billionaire owned close to 50 per cent of the total supply of some of these coins. But their values, including that of SHIB, began to drop by nearly 40 per cent immediately after the donations were disclosed.

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Due to these concerns, Nailwal tweeted that they would “act responsibly” and not hurt Shiba Inu coin’s price.For this, the nonprofit may need to ensure that large chunks of the cryptocurrency are not converted to Covid aid at once, and this could mean liquid currency may not be readily made available to get oxygen cylinders and other essential supplies for tackling India’s ongoing health crisis.

Buterin also made donations in Ethereum and meme coins worth millions of dollars to the non-profit charity evaluator GiveWell, Methuselah Foundation, which focuses on human lifespan extension, and the Machine Intelligence Research Institute which works towards developing safe artificial intelligence (AI) technologies, headtopics.com

Forbes reported.Due to the sudden drop in values of these cryptocurrencies, the aid may end up being worth much less than the intended amounts, raising questions on how billionaires and philanthropists can protect the real value of their crypto donations.

Read more: The Independent »

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