The charity will take donations in Bitcoin, hold them until 2025 and use the earnings to bring drinking water to those that do not have it.
The Bitcoin Water Trust is a newly formed trust from Charity: Water and is aimed directly at bringing drinkable water to places that have no access to it currently. The trust was established last week by the charity at the Bitcoin 2021 Conference.
Now, the trust is looking to add some trendy terms to their project in the hopes of gaining more interest. The new charity model, HODL MODL, uses the popular acronym HODL or “hold on for dear life,” which has been a popular mantra for many crypto investors.
That pretty much sums up the charity’s plan for their BTC donations, as they plan to leave it untouched until 2025. The idea is that giving today will yield a more significant impact in a few years if invested in bitcoin.
Charity: water will utilize Gemini’s cryptocurrency wallet to accept donations of bitcoin along with holding said donations until the agreed-upon time. Additionally, co-founders Cameron and Tyler Winklevoss have pledged to match the first 50 BTC donated to The Bitcoin Water Trust.
The pair, along with the project they co-founded, are hyper-focused on ending the global water crisis. Currently, charity: water has provided clean water to 12.7 million people in 29 countries. Charity: water has been accepting bitcoin since 2014 but has thus far immediately sold the digital asset to fund new projects.
Through this new trust, they will hope to earn enough to save more by investing and make more of an impact on the 785 million people globally who still lack access to clean water.
Scott Harrison, CEO of charity: water stated that “We’ve been encouraged by the overwhelming support we have seen already for the Bitcoin Trust Initiative. By establishing this trust, we aim to harness the transformational power of this generational digital technology to make a lasting social impact, and in the process to provide a potential model for other charities who are working to do the same.”
Charity: water noted on their website that all staff and operating costs are covered by a group of more than 100 donors, known as The Well, who had already raised more than $500 million dollars for the project.
Crypto charities gaining attention
The non-profit also has some big names attached as donors, including skateboarding legend Tony Hawk who has been a backer for over a decade. Hawk says he believes bitcoin has the potential to find a home in charitable growth. Along with Hawk, charity: water has already found 100 donors to give at least one BTC to help meet the project goal of 100 BTC. Other notable members of the charity’s group of donors include Michael Novagratz, Barry Silbert, and Yoni Assia.
The spread of cryptocurrencies has led these crypto-funded charities to gain a lot of traction in recent years. Two new projects, Elongate and Munch, recently raised more than $3 million for charitable causes. The Giving Block has also launched a new Crypto Giving Pledge, and The American Cancer Society has also begun accepting donations via cryptocurrencies.