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.”