Dave Portnoy’s Barstool Media accepts donations in Bitcoin (BTC) and cryptocurrencies for his small business aid fund. Less than 24 hours after the integration was announced, the crypto community reacted with incredible generosity.
The Barstool Fund was launched last week to raise money for small businesses affected by the Covid-19 pandemic. At the time of this writing, the fund had raised nearly $ 5.3 million to help 14 companies. More than 53,000 donors have contributed. For tax reasons, the campaign is planned until the end of the year.
Much of these donations came from the crypto community after Morgan Creek Digital created a Bitcoin address through The Giving Block, a company that offers cryptocurrencies. In addition to Bitcoin, the Barstool Fund also accepts donations in Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chain Link, Twin Dollars, DAI, Storj, Amp and 0x.
Anthony Pompliano, Co-founder and partner of Morgan Creek Digital, Cointelegraph said that By Friday morning, cryptocurrency donations of at least $ 750,000 had been made:
“It’s difficult to keep track of every donation from the crypto community, but we do know that at least $ 750,000 has been donated in US dollars or cryptocurrencies. The actual number is likely higher.”
“2020 has been a difficult year,” said Pompliano, adding “Bitcoin has been great for all of us.”
“There is no better way to end the year than with a new all-time high for Bitcoin and a few donations to share the love.”
Cointelegraph reporter, Helen Partz, came into contact with Alex Wilson, Co-founder of The Giving Block who explained how cryptocurrency donations were brought into the Barstool Fund.
Users can donate cryptocurrency to charity by visiting the Barstool Fund, clicking “Contribute to Fund”, and selecting the cryptocurrency to donate to. There they have the option to generate a wallet address and send the donation from their own wallet address. After receipt of payment, donors will receive a tax certificate by email.
The Covid-19 pandemic sparked an unprecedented response from federal, state and local governments as health officials battled to curb the spread of the virus. The quarantine orders, while temporary, have resulted in the permanent closings of hundreds of thousands of businesses.
As Pompliano pointed out, Small businesses account for approximately 50% of jobs in the United States and “keep the American dream alive for billions of people around the world”. The economic consequences of the pandemic, insofar as it affects small businesses, will continue to have an impact worldwide.
Congress eventually approved a new stimulus package from Covid that provides an additional $ 284 billion for the Check Protection Program, or PPP for its acronym in English. However, with additional closings imminent, many fear that relief efforts will be too scarce besides arriving too late, especially for hotel companies, which are hardest hit by the strict quarantine orders.