- Water announced it had launched a charitable Bitcoin trust that will hold donations
- The donation will help provide clean water to about 11,000 people.
Charity: Water announced it had launched a charitable Bitcoin trust that will hold donations until January 2025. Charity: Water is a nonprofit that works to bring drinking water to the developing world.
According to the nonprofit organization, they received 15 BTC worth about $550,000 in donations. Besides, these donations come from Cameron and Tyler Winklevoss, skateboarder Tony Hawk and investor Bill Miller.
More so, the nonprofit organization team said that the donations are enough. This will help provide clean water to about 11,000 people.
Scott Harrison, CEO of Charity: Water, said,
Holding donations until 2025 gives Bitcoin a chance to rise—and for the charity to provide more people with clean water.
“That gives time to go past another halving around May 2024, and hopefully [there will be] some significant price increase between now and 2025,” he said.
Moreover, Harrison said he hopes that the Bitcoin raised through the trust will eventually make over $1 billion. If it does, that could give clean water to about 20 million people. However, he added that if Bitcoin drops, the charity’s impact will be severely limited.
Since launching in 2006, the charity claims to provide clean water for 12.7 million people from 29 countries. They also claim that they started accepting Bitcoin in 2014. Also, this allowed them to raise 569 BTC before the opening of the trust.
Further, Harrison noted that water only made $4.4 million from selling that Bitcoin. That Bitcoin donation helps about 100,000 people get clean water.
In addition, he also noted that the door is still open for those who wish to see their Bitcoin spent on water projects today. “However, for fonts to start pumping water, Bitcoin’s price must pump first,” he added.