The non-profit charity Water: Water, which focuses on providing safe drinking water to people in developing countries, has announced a “Bitcoin Water Trust Initiative” that seeks to raise 100 BTC to further its mission.
“Trust will allow Charity: water To receive Bitcoin and “HODL” donations to fund global water projects through 2025,” according to a joint statement with Bitcoin Magazine. “In line with donor values, trust funds will be held in bitcoin and water projects funded and valued in bitcoin will be implemented.”
The statement also noted that charity: water received its first donation of bitcoin from professional skater Tony Hawk in 2014, and has seen the price of the US dollar donation rise “more than 100 times.” But it liquidated Bitcoin before its further price hike, along with another 569 BTC it has received since then, according to an announcement scheduled to be presented at the Bitcoin 2021 conference.
This experience prompted the organization to look more closely at how Bitcoin works as a tool to further its mission.
“After learning more about Bitcoin, watching the price go up, and more, becoming fascinated by the huge untapped potential of the blockchain technology that powers it, charity: water has launched the Bitcoin Water Trust initiative with the hope of paradigm shifting the philanthropic sector embracing this digital asset,” according to Statement.
The trust is seeking 100 individuals to provide at least one bitcoin each, and the first 50 BTC in donations from Gemini crypto exchange founders Tyler and Cameron Winklevoss will be matched at the release. Initially committed donors include Galaxy Investment Partners CEO Mike Novogratz, crypto influencer Anthony Pompliano, and crypto group CEO Barry Silbert.
According to the statement, Hook said, “I have proudly supported the philanthropic mission: Water for nearly a decade, and traveled with them to Ethiopia to see their work firsthand.” “I am honored to support the Bitcoin Water Trust, and I believe that Bitcoin has serious potential for charitable growth. I can’t wait to see the fund thrive by 2025, helping millions get access to more clean water.”