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The Bitcoin Water Trust Reaches 100 Bitcoin
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Tag: Charity: Water
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Bitcoin Water Trust, With Unique HODL Charity Model, Quickly Raises $1.3 Million In BTC
The Bitcoin Water Trust, a fund that accepts and holds bitcoin donations for charity: water, has received over 33.75 BTC since inception.
The Bitcoin Water Trust, a fund recently launched by charity: water that accepts and holds bitcoin donations for providing water security around the world, has already received 33.75 BTC (over $1.3 million) since launching on June 4.
During the 2021 Bitcoin conference in Miami, the trust was announced as an exponential growth fund for providing clean water. The initiative’s unique treasury management strategy, termed “HODL MODL,” seeks to hold all bitcoin received until 2025 and leverage number go up to change more lives than it could now.
“This new charity model — the HODL MODL — creates a new paradigm for charitable giving,” shared U.S.-based bitcoin exchange Gemini, which is providing cold storage custody for the trust. “It brings the HODL ethos of Bitcoin to charitable giving, and means your bitcoin donation today could make an even bigger impact tomorrow.”
In addition, Gemini’s founder brothers, Tyler and Cameron Winklevoss, have committed to match the first 50 BTC received by the trust.
charity: water received its first bitcoin in 2014 and 569 BTC total before the inception of the new trust. Historically, every bitcoin received was immediately converted to fiat money and used to fund clean water projects or operating expenses, meaning the donations lost great purchasing and project-funding power.
But after seeing that it missed bitcoin’s exponential price rise over the years, charity: water is now employing a long-term view with the trust. The nonprofit will hold onto all bitcoin received until the next epoch in 2025, seeking to reap bitcoin’s following exponential run-up and give clean water access to much more people than it could now.
charity: water, has sought to end the global water crisis since it was founded in 2006. Over the past 15 years, donations to charity: water have funded almost 65,000 projects, giving access to clean water to over 12.7 million people. According to the nonprofit’s website, 785 million people around the world currently live without clean water.
By accepting and holding bitcoin, charitable organizations worldwide can leverage Bitcoin’s path to adoption, marked by ever-growing purchasing power until it becomes a widely-accepted unit of account, to have a bigger impact in making the world a better place.
Charity: Water’s Bitcoin Trust Is Raising 100 BTC To Bring Safe Drinking Water Worldwide
Nonprofit group charity: water’s Bitcoin Water Trust Initiative seeks to raise 100 BTC in donations, which will be HODLed into the next epoch.
Nonprofit group charity: water, which is focused on bringing safe drinking water to people in developing countries, has announced its “Bitcoin Water Trust Initiative,” which seeks to raise 100 BTC to further its mission.
“The trust will allow charity: water to receive and ‘HODL’ bitcoin donations to fund global water projects until 2025,” according to a release shared with Bitcoin Magazine. “In line with the values of the donors, the trust’s funds will be held in bitcoin and the indented execution of the water projects it funds and constructs will be conducted in bitcoin.”
The release also noted that charity: water received its first bitcoin donation from professional skateboarder Tony Hawk in 2014, and saw the USD equivalent price of the donation rise “by more than 100 times.” But it had liquidated the bitcoin before its exponential price rise, along with 569 more BTC that it’s received in donations since, according to an announcement scheduled to be given at the Bitcoin 2021 conference.
This experience pushed the organization to look more closely at how bitcoin could serve as a tool to further its mission.
“After learning more about bitcoin, watching it price ascend and, even more, becoming captivated by the vast untapped potential of the blockchain technology that powers it, charity: water opened up the Bitcoin Water Trust Initiative in hopes of sparking a paradigm shift in the charitable sector adopting this digital asset,” according to the release.
The trust is seeking 100 individuals to give at least one bitcoin each, and the first 50 BTC in donations will be matched by Gemini cryptocurrency exchange founders Tyler and Cameron Winklevoss, per the release. Initial committed donors include Galaxy Investment Partners CEO Mike Novogratz, cryptocurrency influencer Anthony Pompliano and Digital Currency Group CEO Barry Silbert.
“I’ve proudly supported the mission of charity: water for almost a decade, and traveled with them to Ethiopia to see their work firsthand,” said Hawk, according to the release. “I’m honored to support the Bitcoin Water Trust, and I believe bitcoin has serious potential for charitable growth. I’m eager to see the fund thriving by 2025, helping millions get more clean water.”