Bitcoin Water Trust has received over $1.3 million worth of BTC donations despite launching just three weeks ago.
New York-based nonprofit, Charity: water, received over $1 million in BTC donations to the Bitcoin Water Trust within three weeks of the fund’s launch.
The Bitcoin Water Trust was announced during the 2021 Bitcoin conference in Miami. This initiative has gained attention because of its “HODL MODL” treasury management strategy – which accepts non-profit donations in Bitcoin and won’t reach it until 2025.
According to the charity’s website, a total of 32,5949 BTC has been donated to date, or more than $1.3 million at current prices.
The charity hopes to capitalize on the hypothetical profits that Bitcoin could generate in the coming years. A June 14 blog post from US-based crypto exchange Gemini – which provides crypto custody for the trust – asserts that donations from A charity received today can have a much greater impact if celebrated in the future:
“This new model of charity – HODL MODEL – creates a new model for philanthropy. It brings the HODL ethos of Bitcoin to charitable giving and means your bitcoin donation today can make an even bigger impact tomorrow.”
Gemini founders Tyler and Cameron Winklevoss have also agreed to donate the first 50 Bitcoins raised to the Bitcoin Water Trust.
“We are happy to help an organization with a mission like Charity: water accept bitcoin and maximize its humanitarian efforts.”
Charity: water was founded in 2006, with a nonprofit working to launch community-owned water projects that provide clean water and sanitation to developing nations. The organization first started accepting Bitcoin donations in 2014.
Charity has become a popular topic in the crypto industry in recent months after Ethereum co-founder Vitalik Buterin donated billions of SHIB tokens that were distributed by the creators of the meme-coin on his wallet.
Buterin donated one-tenth of his SHIB holdings to charity after burning the remaining 90% to prevent other altcoin developers from offering large amounts of their tokens to their wallets for promotion. The Covid India Relief Fund is among the biggest recipients of Buterin’s “dog” token storage, receiving SHIB worth more than $1 billion.
On May 31, the Human Rights Foundation (HRF) – an organization that supports human rights activism globally – launched a number of Bitcoin-based grants as part of a $210,000 Bitcoin Development fund. .
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