Anthony Pompliano has estimated that at least $750,000 worth of crypto donations have been made to the fund
Dave Portnoy, the founder of Barstool Sports announced earlier this week that his small-businesses relief fund will be accepting Bitcoin (BTC) and cryptocurrency donations. The crypto community has welcomed the development and responded with incredible generosity within hours of the integration.
The fundraising efforts were launched in mid-December to raise money for small businesses impacted by the Covid-19 global pandemic. With more than 53,000 donors, “The Barstool Fund” began with the media company contributing $500,000 towards the effort. It has now raised nearly $6.3 million to help over 18 small businesses and the fund will continue to run till the end of the year.
A huge chunk of these donations was in the form of cryptocurrency as the campaign received a major boost after Morgan Creek Digital set up a Bitcoin address through The Giving Block, a crypto donations company. The Barstool Fund is also accepting donations in the form of other cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.
Anthony Pompliano, co-founder and partner of Morgan Creek Digital estimated at least $750,000 worth of crypto donations being made to the fund. “It is hard to track every donation coming out of the crypto community, but we know of at least $750,000 that has been donated in US dollars or crypto. The actual number is likely higher”, he stated.
Pompliano further explained that despite 2020 being a tough year Bitcoin has been “great to all of us”. “There is no better way to end the year than with a new Bitcoin all-time high and a few donations to share the love”, he added.
Alex Wilson and Pat Duffy founded The Giving Block after a surge in crypto donations at the end of 2017 revealed a huge potential for the use of cryptocurrency in charitable donation drives. Cryptocurrency donations not only promote adoption but also have tax benefits for the donor. Further, cryptocurrency donations are more transparent, faster and more cost-effective than conventional currencies.
Wilson explained how The Barstool Fund incorporated crypto donations through The Giving Block. Users can donate cryptocurrency by directly visiting the fundraising efforts’ website and choosing crypto as the option under “contribute to the fund”.
Donors will have the ability to generate a wallet address and send the donation from their personal crypto wallet. They will also receive a tax receipt delivered to their email once the payment clears.