Cryptocurrencies might not have significantly disrupted or displaced traditional philanthropy, but it has driven further innovation and experimentation in the sector. With the introduction of virtual currencies, charitable institutions are able to accept donations instantaneously from anywhere across the globe. Especially during these pandemic stricken timers, cryptocurrencies have been leveraged on multiple occasions for supporting the battle against Covid.
Recently, the staff at the leading not-for-profit medical center Cape Cod Healthcare on the coastal island of Cape Cod, Massachusetts, was surprised after an email to them asked them to check their newly established crypto-integrated bank account, only to find out a surprise donation of Bitcoins amounting to $400,000.
According to the organization, this was the second time the institution received Bitcoin donations from the same benefactor. The first donation was made less than a month ago on January 28. Also, these donations arrived just days after the organization started accepting crypto.
The benefactor, according to Cape Cod Healthcare’s senior vice president and chief development officer Christopher Lawson, has been a long-time donor who previously donated in cash. The benefactor had sent a feeler email earlier this year inquiring whether the organization could accept bitcoin donations. This eventually led to them accepting Bitcoin donations.
“Before we responded, we had to make sure there were not any issues. It required a good amount of research… My office probably spent a week or two doing our best to learn who else was doing this,” Lawson said.
However, the organization doesn’t hold these crypto donations as it has adopted a policy of immediately liquidating its funds to US dollars to avoid any immediate pullbacks. The institution’s crypto account also generates a personalized QR code for the donors to transfer funds. Anyone can use this QR code to donate to Cape Cod Healthcare.
Crypto adoption rising
Lawson urged that other institutions should start accepting crypto donations, adding that it has become mainstream.
“It is not widespread but it is becoming more mainstream. People are accumulating these assets, and they are looking at opportunities to donate them.”
At the time of writing, Cape God Healthcare has already amassed $800,000 in crypto donations. Meanwhile, growing adoption has been fuelling the 2021 bitcoin rally with the flagship cryptocurrency reaching new highs almost every week.
