I recommend that you have a look at the cyanogen android firmware. This is available for a lot of android models and gives you a more current android os version, so you can run more of the recent apps!
http://www.cyanogenmod.org/Thank you. However, builds for that device are 3-4 years old:
http://download.cyanogenmod.org/?device=p500I doubt I would be able to install the most recent version of Electrum.
The latest Electrum app requires gingerbread (android 2.3), so it should run on that build, try it!