The conflict between Russia and Ukraine is still raging after more than a year. Since the beginning of the war, cryptocurrency has proven itself to be a useful tool for supporting both the military and the people. Vitalik Buterin (the creator of Ethereum) has donated $5 million (3.8million pounds) to Ukraine.
More precisely, Buterin donated 750 Ethereum to Unchain Fund (ETH), a charity founded by blockchain activists. Unchain Fund was created to aid Ukraine in a humanitarian capacity. Buterin transferred 750 Ethereum to Aid For Ukraine. The Ukrainian Ministry of Digital Transformation created this fund. Aid For Ukraine announced via Twitter that they are very pleased with the donation of 2.5million dollars (1. 89 Million Pounds) from the kind Buterin.
Buterin remains humble
It’s to Vitalik Buterin credit that he has not revealed any details about the donations. We know nothing about the donations except for the acknowledgements of funds and the domain ‘vitalik.eth, which contains the donations.
Thanks in large part to the gift of the founder Ethereum, crypto donations now exceed 100 millions millions pounds. The crypto community has provided significant funding for the Ukrainian government, NGO fund Come Back Alive and UkraineDAO as well as Unchain Fund, Aid for Ukraine, Cyberpolice Ukraine, and UkraineDAO.
What are donations used for?
The money is used by the Ukrainian government as well as charities for a variety of purposes. The generosity of the crypto community is a benefit to the military and humanitarian efforts, among other things. It is easy and quick to use cryptocurrency to help in times of need.
International payments made via cryptocurrency do not need financial institutions to be involved. They arrive at their destination directly. To buy goods from the cryptocurrency, however, it must be converted to fiat money. We are still far from being able to pay for everything with bitcoins and ethers.
Interestingly, the first bitcoin donations began to arrive on February 8. The threat from Russia was already growing at that point, and Ukrainian hackers and volunteers decided to support Ukraine.
Bitcoin price up 35% in the month after invasion
The bitcoin price rose 35 percent in the month following the Russian invasion of Ukraine. This shows that bitcoin can now defend itself in times of geopolitical turmoil or troubling macroeconomic conditions.
Despite this, there are currently some downturns in bitcoin prices. After an upturn to USD 48,000 (PS36,400), we are now back below $45,000 (PS34,000). There are many exciting things happening for Bitcoin 2022 today, which could potentially increase the price. According to the speaker, today’s presentation by Samson Mow at 4:00 PM promises a lot of fun.