Dave Portnoy from Barstool Media accepts Bitcoin (BTC) and cryptocurrency donations to his Small Business Fund. After less than 24 hours of integration, the cryptocurrency community has responded with incredible generosity.
The Barstool Fund was launched last week to raise money for small businesses affected by the Covid-19 pandemic. As of this writing, the foundation has raised approximately $ 5.3 million to help 14 companies. More than 53,000 donors have contributed. For tax reasons, the campaign will run until the end of the year.
Most of these donations came from the cryptocurrency community after Morgan Creek Digital created a Bitcoin address through The Giving Block, a cryptocurrency donation company. In addition to Bitcoin, Barstool Fund also accepts donations in Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.
Anthony Pompigliano, co-founder and partner at Morgan Creek Digital, told Cointelegraph that as of Friday morning, there were “at least $ 750,000” in cryptocurrencies:
“It is difficult to track every donation that comes from the cryptocurrency community, but we know of at least 750,000 dollars that have been donated in US dollars or cryptocurrencies. The actual number may be higher.”
“2020 was a difficult year,” Pompigliano said, adding that “Bitcoin has been good for all of us.”
“There is no better way to end the year with a new full-time Bitcoin and some love-sharing donations.”
Cointelegraph reporter Helen Bartz contacted Alex Wilson, co-founder of The Giving Block, who explained how to list cryptocurrencies in Barstool’s box.
Users can donate cryptocurrency to charity by visiting the Barstool Fund, clicking on “Contribute to Fund” and choosing the cryptocurrency option. There, they have the option to create a wallet address and send a donation from their wallet address. Upon approval of payment, donors will receive a tax receipt via email.
The COVID-19 pandemic has sparked a unique response from federal, state and local governments as health authorities struggle to curb the spread of the disease. Domestic orders, although seen as temporary, have led to the permanent closure of hundreds of thousands of factories.
As noted by Pomplano, small businesses account for about 50% of American jobs, and they “support the American dream of billions of people around the world.” As it affects small businesses, the economic impact of the pandemic will reverberate all over the world.
Congress finally approved a new aid package for Covid with an additional $ 284 billion to protect salaries or the public-private partnership. However, with the advent of new castles, many fear relief efforts will be too small and too late, especially for the hospitality sector, which has been hit hard by strict asylum orders.