Bitcoin Water Trust Receives Over $1.3M BTC Donations For Charity within Three Weeks
The famous New York-based non-profit organization "Charity: water" has recently introduced the Bitcoin Water Trust establishment during the 2021 Miami Bitcoin Conference. The trust fund has received worth more than $1.3 million BTC donations within three weeks of the trust's launch.
"Charity: water" is a non-profit organization founded in 2006 that aims to bring clean and safe drinking water to people in developing countries.
The Bitcoin Water Trust aims to directly bring drinking water to places currently inaccessible to solve the global water crisis.
In order to draw greater attention from potential investors, the Bitcoin water trust established a new charity model called “HODL MODL”, which means “hold on for dear life”. The institution also announced that Gemini's cryptocurrency wallet would accept Bitcoin donations and continue this campaign until 2025. It intends to influence the use of Bitcoin will have a more significant impact on the future. By investing in future capital, Bitcoin is investing in clean drinking water in the next few years.
According to the charity’s website, a total of 32.5949 BTC has been donated so far, which is equivalent to more than $1.3 million at current prices.
An official blog published by the US cryptocurrency exchange Gemini on June 14 stated that:
"This new charity model — the HODL MODL — creates a new paradigm for charitable giving. It brings the HODL ethos of Bitcoin to charitable giving, and means your bitcoin donation today could make an even bigger impact tomorrow."
"We’re thrilled to help a fellow mission-driven organization like charity: water accept bitcoin and maximize its humanitarian efforts," the post added.
Currently, approximately 785 million people worldwide cannot access purified water. Co-founders Cameron and Tyler Winklevoss have pledged to match the first 50 BTC donated to the Bitcoin Water Trust to provide clean water for approximately 50,000 people. Although this move can only help a small part of the world’s people get clean water, they believe that it will have a more significant impact on the people who could not access clean water through this trust. The institution also plans to spend Bitcoin in 2025 or build clean water projects with more than 20 countries or regions.
Scott Harrison, CEO of charity: water, also revealed that:
“We've been encouraged by the overwhelming support we have seen already for the Bitcoin Trust Initiative. By establishing this trust, we aim to harness the transformational power of this generational digital technology to make a lasting social impact, and in the process to provide a potential model for other charities who are working to do the same."
In recent months, since Ethereum founder Vitalik Buterin donated more than $1.5 billion, the charity has become a hot topic in the crypto industry.
Russian Canadian programmer and co-founder of Ethereum, Vitalik Buterin, has donated a large chunk of his crypto holdings to fund various charity organizations. In total, Buterin transferred 660 billion SHIB, 140 billion AKITA, 43 billion ELON, and 15,719 ETH to the India-based Covid-19 relief fund.
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