Updated: Jan 6
Since Bitcoin's Inception, It’s Been Used As A Force For Good
Eleven years ago today, the Bitcoin network launched with an encrypted message “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” in what is known as the “Genesis Block.” As you might suspect from the message, the purpose of Bitcoin was to create a more equal financial system which wasn’t controlled by a small group of people or entities. Bitcoin was digital currency by the people, for the people.
We’ve seen the growth of Bitcoin for social good around the world, and one of the strongest social good use cases for cryptocurrency is donations of bitcoin to nonprofits and higher education. In just the last 3 years alone, we’ve seen hundreds of millions of dollars worth of Bitcoin donated to nonprofits around the world. Some of the largest examples include:
The Pineapple Fund: $56 million worth of bitcoin donated to 60 different nonprofits in 2017/2018
Fidelity Charitable: $100+ million worth of bitcoin donated since 2016
Ripple: $125+ million donated to different nonprofits like DonorsChoose and 30 different universities.
Even just last week we saw $1.3 million worth of crypto donated to Carnegie Mellon with an additional $2.9 million pledged over the next couple of years. And that's just what we’ve publicly seen. The total number is likely much larger and is only going to increase exponentially as more organizations accept cryptocurrency donations, and as the tax incentive for donating cryptocurrency becomes more widely known.
So for Bitcoin’s 11th Birthday, lets celebrate by donating Bitcoin to your favorite Bitcoin-friendly nonprofit. Help spread mainstream adoption of cryptocurrency and lower your tax bill at the same time, all while supporting great causes.
We have an ever growing list of over 100 bitcoin-friendly nonprofits to choose from here.
Celebrate Bitcoin’s birthday and donate today.