Bitcoin Water Trust Reaches 100 BTC, Thanks To Donations Like Nimiq's Innovative 2% Crypto For Good
Reading Time: 3 minutes ; Published: 1 year ago on December 30, 2021
Charity: water has always been one of the most innovative non-profits in the world, constantly pushing the boundaries of data and technology to come up with new ways to generate funds and awareness around their mission of bringing clean water to the developing world.
The organization has now broken new ground in adopting Bitcoin as a form of donation and today announced that its Bitcoin Water Trust was now at 100 BTC (approximately $4.7 million today), thanks to a matching donation from Gemini founders Tyler and Cameron Winklevoss.
The Bitcoin Water Trust is a charitable cryptocurrency fund that will accept and hold all bitcoin donations to charity: water until at least January 1, 2025. After that time, 100% of all Bitcoin will be used to fund clean water projects around the world.
Scott Harrison, the founder and CEO of charity: water shared more about this groundbreaking innovation to create a new philanthropic asset class that he hopes more non-profit organizations will adopt. “Charity: water began accepting Bitcoin in 2014, using the proceeds to fund the construction of new water projects around the world. We came up with the Bitcoin Water Trust after we converted a total of 569 Bitcoin donated to us at spot prices along the way,” he explained.
“For example, we sold Tony Hawk’s donated five BTC at $314 a coin. In total, we received $4.4 million from the sale of 569 bitcoin, enough to help 110,000 people with access to clean water.However, as Bitcoin’s value grew exponentially, we realized a different long-term view and strategy could allow us to attract more funding, and potentially create the ability to help exponentially more people get clean water,” he continued.
From these roots, the fund has blossomed with many others donating (including cryptocurrency Nimiq which created an innovative 2% Crypto for Good fund). “Since launching the Bitcoin Water Trust, we’ve seen Bitcoin donations of 1BTC or more now from some of the top names in cryptocurrency, including Tony Hawk, Pete Briger, Jesse Powell, Mike Novogratz, Barry Silbert, Anthony Pompliano, Meltem Demirors, Yoni Assia, Bill Miller and Ayesha Kiani. If we liquidated the trust today, we could bring clean and safe drinking water to more than 130,000 people. But we believe this fund will have an even greater impact over time,” said Harrison.
When addressing the new milestone, Harrison shared how it had come about. He said, “We wanted to offer potential donors to the Bitcoin Water Trust a one-to-one match, and went to Gemini founders Cameron and Tyler Winklevoss, asking whether they’d match the first 50 BTC. They generously agreed, and this turned out to be a key factor in gaining momentum around the Trust, and helping us reach our first milestone of 100 BTC.”
Charity: water now plans to utilize this money as a new form of ‘endowment’, holding it until 2025, and plans to eventually be able to use it directly in your countries of operation. Harrison explained “At current prices, it costs approximately 0.0007 BTC to bring a person access to clean water, while the average cost to bring an entire community clean water is approximately 0.1754 BTC. In the past, we’ve converted BTC to fiat currency to fund the construction of new water projects, however we believe in 2025 and beyond, we’ll have more options to use the BTC from the fund to directly fund work across many of the 21 countries where charity: water is active. We’re in the process of putting together an advisory board to work on the strategy, with the goal of helping as many people get clean water as possible through the fund.”
Harrison also has some words of advice for his fellow non-profit leaders on whether they should also consider adopting it. He said, “After learning more about Bitcoin and understanding the vast untapped potential of the blockchain technology that powers it, we certainly encourage leaders to study and engage with this digital asset! I believe Bitcoin can be used as a force for good in the world, helping to lift people out of extreme poverty and provide them with the basic needs to flourish.”