News
Edul Patel: Bitcoin Pizza Day Today: Mudrex CEO Edul Patel Explains the Significance
On the occasion of the solemn anniversary of Bitcoin Pizza Day, Mudrexa global cryptocurrency investment platform, orchestrated a grand celebration that transcended mere indulgence in culinary delights. Led by Edulu PatelCEO and co-founder of Mudrexthe initiative aimed to commemorate the historian Bitcoin Transaction of 2010, while promoting awareness and community engagement around cryptocurrency In Bengaluru.
Collaborating with over 30 We work and collaborating with ZomatoMudrex has embarked on a mission to distribute pizzas to approximately 2,000 children from over 25 orphanages and foster homes, as well as connecting with over 500 startups across the city.
In an exclusive interview with ET MarketsEdul Patel shares insights into the inspiration behind Mudrex’s impact event, his broader vision for cryptocurrency education, and ambitious plans for future outreach. Additionally, the conversation delves into current trends shaping the cryptocurrency industryIncluded SEBIthe regulatory position and its implications for Indian investors.
Could you share the inspiration behind Mudrex’s grand Bitcoin Pizza Day celebration?Edulu Patel: On May 22, 2010, Laszlo Hanyecz, a programmer and early Bitcoin enthusiast, made history by paying 10,000 Bitcoin for two Pope John pizzas. Today, when we look at the value of 10,000 Bitcoins, they are worth hundreds of millions of dollars, making it the most expensive pizza purchase ever. However, that transaction marked a significant milestone that showcases Bitcoin as a store of value. Mudrex celebrates the first real-world transaction using Bitcoin.
Read also
Unlock leadership excellence with a range of CXO courses
| Indian School of Economics | Technical Director of ISB | Visit |
| Lucknow Institute of Higher Education | CEO Program | Visit |
| Lucknow Institute of Higher Education | Chief Operations Officer Program | Visit |
Bitcoin has come a long way since it faced numerous challenges such as regulatory scrutiny, security breaches, and skepticism from traditional financial institutions in 2010 to United States SEC endorsing Bitcoin spot ETFs and governments around the world regulating it and recognizing it as a security. To celebrate this journey of Bitcoin and to spread awareness, Mudrex has been celebrating it for a few years now.
Read also
How does Mudrex intend to spread awareness about cryptocurrencies through this event?
Edulu Patel: Mudrex aims to spread awareness about cryptocurrency through this event by engaging in a multi-faceted outreach approach. We have partnered with over 16 WeWorks across Bengaluru to connect with over 500 startups by distributing pizzas, fostering a sense of community and discussion about cryptocurrency. In partnership with Zomato, we are reaching out to 30 lakh food lovers by giving away Bitcoin worth a pizza. Additionally, we are bringing joy to over 2000 children by partnering with over 25 orphanages and shelters, sharing both pizza and knowledge about Blockchain TechnologyThis event not only celebrates our mission, but also educates diverse groups about the potential of technology.
Why did Mudrex choose Bengaluru as the focal point for the distribution of over 5,000 pizzas?
Edulu Patel: Mudrex chose Bengaluru as the focal point for the distribution of over 5,000 pizzas for several reasons. First, Bengaluru is known as the Silicon Valley of India, with a vibrant startup ecosystem and a high concentration of tech-savvy individuals. This demographic is often more receptive to innovations like cryptocurrency, making them an ideal target to spread awareness of the industry.
Secondly, Bengaluru has a diverse and cosmopolitan population, which aligns well with Mudrex’s goal of reaching a large audience with its outreach initiatives. By distributing pizzas in Bengaluru, Mudrex can engage people from different backgrounds and demographics, facilitating conversations about cryptocurrency and its potential impact. With numerous coworking spaces, offices, and residential areas, Bengaluru offers ample opportunities to reach a significant number of people with the pizza distribution initiative.How does this campaign align with Mudrex’s broader mission and vision in the cryptocurrency space?
Edulu Patel: Bitcoin Pizza Day is an important day for the cryptocurrency community, symbolizing the beginning of a new era in digital finance. At Mudrex, we believe in community engagement and building a strong, informed community to educate and spread awareness, enabling them to make informed decisions. We have undertaken various initiatives to educate people in different ways, as cryptocurrency is still in its infancy and information is key. By partnering with startups and popular platforms like Zomato, we are committed to making cryptocurrency knowledge accessible to all. Through these efforts, we aim to demystify cryptocurrency and give people the understanding they need to navigate the evolving digital currency landscape. This multifaceted approach not only spreads awareness but also aligns with our vision of making cryptocurrency accessible, understandable, and beneficial to all.
We believe in the power of education and community. By celebrating this day with children, we hope to plant seeds of curiosity and knowledge that will grow into a deeper understanding and appreciation of blockchain technology in the future.
We believe in the power of small acts of kindness. Today it’s pizza; tomorrow it could be something else. What matters is that we continue to have a positive impact.
Are there plans to extend similar initiatives to other cities or regions in the future?
Edulu Patel: Absolutely, we have ambitious plans to expand similar initiatives to other cities and regions in the future. Our goal at Mudrex is to create widespread awareness and understanding of cryptocurrency, and we believe that engaging communities through such innovative events is a powerful way to achieve this. This time, we have seen an incredible response from Bengaluru, which has strengthened our commitment to expand these efforts to other locations next year.
How do you see the future of cryptocurrencies in India and what role do you think Mudrex will play in shaping this future?
Edulu Patel: India is at the forefront of cryptocurrency adoption at the grassroots level. According to a survey conducted by Mudrex, most people believe that cryptocurrency will become a trend resource class within the next five years. With increasing regulatory clarity from the Indian government and international bodies, the number of people entering the cryptocurrency industry is expected to increase. However, educating the masses about cryptocurrency and blockchain technology is crucial. Mudrex, along with other industry players, is making considerable efforts to educate people about the risks involved, enabling them to make informed decisions. Ultimately, the growth and adoption of cryptocurrency depends on widespread awareness and understanding of the industry.
Looking ahead, what will be the next big steps or innovations for Mudrex in the cryptocurrency market?
Edulu Patel: With our B2B product called Saber, we are enabling Web3 startups and cryptocurrency companies to transact seamlessly. We have recently introduced Bitcoin spot ETFs tailored for both Indian retail and institutional players. This marks the beginning of our expansion to cater to the diverse needs of the industry. Additionally, we are gearing up to unveil a range of new products to further enhance our offering and provide complete solutions to our clients.
As cryptocurrency regulatory frameworks become more defined globally, we anticipate positive developments in government regulations that will facilitate a wave of adoption among Indians. Since the launch of our US BTC Spot ETF services, there has been significant interest from high net worth individuals (HNIs) and ultra high net worth individuals (UHNIs) in India looking to explore cryptocurrency scenarios.
We expect FY2025 to attract a significant number of experienced investors and traders from traditional markets to the cryptocurrency landscape. Historically, Indian financial institutions have remained cautious, largely watching from the sidelines. However, we expect FY2025 to be a watershed year, with these institutions starting to actively participate in the cryptocurrency market, thereby catalyzing its mainstream retail acceptance in India.
How does Mudrex view SEBI’s move to oversee cryptocurrency trading in India, especially in light of the Reserve Bank’s different stance? And what potential implications does this regulatory shift have for Indian investors?
Edulu Patel: The Securities and Exchange Board of India (SEBI) proposal for more regulators to supervise the Virtual Digital Resources (VDA) represents a balanced and pragmatic approach. This move can ensure comprehensive oversight by leveraging the expertise of various financial authorities, thereby improving regulatory clarity. It is a progressive stance that recognizes the multifaceted nature of VDAs. Furthermore, it can help build investor confidence, as a well-regulated environment reduces the likelihood of market abuse and improves the overall integrity of the ecosystem.
(Disclaimer: Recommendations, suggestions, opinions and views provided by experts are personal. They do not represent the views of Economic Times)
(You can now subscribe to our ETMarkets WhatsApp Channel)