- During the 2021 Bitcoin conference in Miami, the Bitcoin Water Trust was revealed
- According to the charity’s website, a total of 32.5949 BTC has been donated so far
. Within three weeks of the trust’s launch, Charity: water, a New York-based non-profit, had received more than $1 million in Bitcoin contributions. During the 2021 Bitcoin conference in Miami, the Bitcoin Water Trust was revealed. The project gained notoriety for its “HODL MODL” treasury management strategy, with the non-profit accepting Bitcoin donations that it will not touch until 2025. According to the charity’s website, a total of 32.5949 BTC has been donated so far, equating to more than $1.3 million at current exchange rates.
Views of Gemini, a Cryptocurrency Exchange based in the United States
The charity is hoping to benefit from the potential gains in Bitcoin over the next few years. According to a June 14 article from U.S.-based crypto exchange Gemini, which is providing crypto custody services for the trust, donations received today could have a much bigger impact if held in the future.
According to Gemini, this new charity model — the HODL MODL — ushers in a new era of charitable giving. It applies Bitcoin’s HODL ethos to charitable giving, implying that your bitcoin donation today could have an even greater impact tomorrow.Gemini’s creators, Tyler and Cameron Winklevoss have actually likewise concurred to match the very first 50 Bitcoin donated to the Bitcoin Water Trust. According to the post, they are ecstatic to help a fellow mission-driven organizations like Charity: water accepts bitcoin and maximises its humanitarian efforts.
Charity Water Establishment
Charity: water was founded in 2006 with the goal of launching community-owned water projects that provide clean water and sanitation to developing countries. In 2014, the company accepted Bitcoin donations for the first time.After Ethereum co-founder Vitalik Buterin donated billions of SHIB tokens that had been airdropped to his wallet by the meme-developers, coin’s charity has become a popular topic in the crypto market in recent months.
Buterin donated one-tenth of his SHIB holdings to charity after burning the remaining 90% to deter other altcoin creators from airdropping large amounts of their token supply to his wallets for promotional purposes. The India Covid Relief Fund was one of the first recipients of Buterin’s dog-token stash, receiving over $1 billion in SHIB. The Human Rights Foundation (HRF), a global human rights organisation, launched several Bitcoin-based grants as part of its $210,000 Bitcoin Development fund on May 31.
Water’s charitable vision
The duo, as well as the project they co-founded, are laser-focused on resolving the world’s water crisis. Currently, charity: water serves 12.7 million people in 29 countries with clean water. Since 2014, Charity: Water has accepted bitcoin, but has always sold the digital currency to fund new projects.They hope to earn enough money through this new trust to invest more and have a greater impact on the 785 million people around the world who do not have access to clean water.
According to Scott Harrison, CEO of charity: water, the overwhelming support we’ve already seen for the Bitcoin Trust Initiative has encouraged us. They hope to use the transformative power of this generational digital technology to make a lasting social impact by establishing this trust, and in the process, provide a model for other charities looking to do the same. All staff and operating costs are covered by a group of more than 100 donors known as The Well, who have already raised more than $500 million for the project, according to Charity: water’s website.
Cryptocurrency charities are gaining popularity
The non-profit has some well-known supporters, including skateboarding legend Tony Hawk, who has been a supporter for more than a decade. Hawk believes bitcoin has the potential to become a vehicle for charitable giving. Along with Hawk, charity: water has already found 100 donors willing to contribute at least one BTC toward the project’s 100 BTC goal. Michael Novagratz, Barry Silbert, and Yoni Assia are among the charity’s other notable contributors.
These crypto-funded charities have gained a lot of traction in recent years as a result of the widespread adoption of cryptocurrencies. Elongate and Munch, two new projects, recently raised more than $3 million for charitable causes. In addition, The Giving Block has launched a new Crypto Giving Pledge, and The American Cancer Society has begun accepting cryptocurrency donations.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.