The American Cancer Society aims to raise $1 million exclusively through cryptocurrency. Its Cancer Crypto Fund will be renamed in honor of the first donor to contribute $250,000. Donations of at least $10,000 will appear on the Cancer Crypto Fund Wall of Honor. The Salvation Army launched a cryptocurrency option the week before Christmas and received 13 donations, including one donor who gave 2 Bitcoins.
Jason Shim and Anne Connelly join this episode to talk about their new book, “Bitcoin and the Future of Fundraising: A Beginner’s Guide to Cryptocurrency Donations.” They discuss how nonprofits can get started accepting cryptocurrencies, why they think charities should, and the future of cryptocurrency.
A board member of NTEN, Shim is director of digital strategy and transformation at Pathways to Education Canada, an organization dedicated to helping youth in low-income communities to graduate from high school. In 2013, it was the first charity to issue tax receipts for Bitcoin donations.
Connelly is on the faculty at Singularity University, a company that offers executive educational programs, a business incubator and innovation consultancy service. She previously worked with Doctors Without Borders as a field worker in Central Africa and as a fundraiser in their offices in Canada and Ireland.
American Cancer Society so far has raised $400,000 in its Cancer Crypto Fund, including 10 donations of at least $10,000. But it’s not just big national charities getting involved with cryptocurrency. Miami Lighthouse for the Blind and Visually Impaired received a few thousand dollars, including a donation in Ethereum from the CEO of Coinbase, when it announced that it’s now accepting cryptocurrency donations. The Brotherhood SisterSol in Harlem also recently announced they will accept cryptocurrency donations.
There are thousands of digital currencies but Bitcoin is probably the most popular and mainstream. It’s also volatile. A year ago, 1 Bitcoin was valued at about $10,000, jumping to $20,000 by December, and $40,000 in January. By April, it was worth more than $60,000. As of July, however, 1 Bitcoin was worth about $33,000.