The American Cancer Society (ACS) aims to raise $1 million in the coming months exclusively through cryptocurrency. The Cancer Crypto Fund will be renamed in honor of the first donor or company to contribute $250,000 and the fund will go directly to supporting its cancer research program.
“We want as many people to join us in our mission as possible,” Jeff Klaas, interim chief digital officer of ACS, said via a statement announcing the fund. “To do that, we need to ensure people can give to the fight against cancer when, where and how they choose,” he said.
Bitcoin reached an all-time high price of about $40,257 on Jan. 8. The cryptocurrency was valued at approximately $33,900 as of Feb. 1.
The pioneering donors who power the Cancer Crypto Fund with the first $250,000 donation will have the opportunity to name the fund, in their name or that of a loved one. Donations of $10,000 or more will appear on the Cancer Crypto Fund Wall of Honor.
ACS is partnering with The Giving Block, a Washington, D.C.-based cryptocurrency donations company. The Atlanta-based charity will announce the renaming of the Cancer Crypto Fund when the major gift occurs.
The ACS Cancer Crypto Fund will accept contributions not only in Bitcoin (BTC) but also other cryptocurrencies, including:
- Bitcoin Cash (BCH)
- Ether (ETH)
- Litecoin (LTC)
- Zcash (ZEC)
- Gemini Dollar (GUSD)
- Basic Attention Token (BAT)
- Chainlink (Link)
Bitcoin is a decentralized, peer-to-peer virtual currency that’s used like money. It can be exchanged for traditional currencies or used to purchase goods or services online. Bitcoin operates without central authority or banks and is not backed by any government.
The Internal Revenue Service (IRS) classifies cryptocurrencies as property so donations receive the same tax treatment as securities. Approximately $300 million is donated to charities each year through cryptocurrency, according to The Giving Block, with the vast majority through Bitcoin.