Barstool Media’s charity to help small businesses has allowed donations in cryptomonies.
Dave Portnoy’s Barstool Media is accepting donations in Bitcoin (BTC) and cryptomonies for its small business relief fund. In less than 24 hours after announcing the integration, the crypto community has responded with incredible generosity.
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The Barstool Fund was launched last week to raise money for small businesses affected by the Covid-19 pandemic. At the time of writing, the fund had already raised nearly $5.3 million to help 14 businesses. More than 53,000 donors have contributed. For fiscal reasons, the campaign is scheduled to run through the end of the year.
Much of those donations came from the crypto community after Morgan Creek Digital created a Bitcoin address through The Giving Block, a crypto donation company. In addition to Bitcoin, the Barstool Fund also accepts donations in Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.
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Anthony Pompliano, co-founder and partner of Morgan Creek Digital, told Cointelegraph that „at least $750,000“ in donations in cryptomonies had been made by Friday morning:
„It’s hard to track every donation that comes out of the crypto community, but we know of at least $750,000 that has been donated in U.S. dollars or crypto currencies. The actual number is probably higher.
„2020 has been a difficult year,“ said Pompliano, adding that „Bitcoin has been great for all of us.
„There’s no better way to end the year than with a new Bitcoin high and a few donations to share the love.
Cointelegraph reporter Helen Partz contacted Alex Wilson, co-founder of The Giving Block, who explained how donations in crypto currency were incorporated into the Barstool Fund.
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Users can donate crypto-currencies to charity by visiting the Barstool Fund, clicking on „contribute to the fund“ and choosing the crypto-currency they wish to donate to. There, they will have the possibility to generate a wallet address and send the donation from their own wallet address. Donors will receive a tax receipt in their email once payment has been made.
The Covid-19 pandemic triggered an unprecedented response from Federal, State, and local governments as health authorities struggled to contain the spread of the virus. The quarantine orders, while intended to be temporary, have resulted in the permanent closure of hundreds of thousands of businesses.
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As Pompliano pointed out, small businesses are responsible for approximately 50% of the jobs in the United States and „keep the American dream alive for billions of people around the world. The economic consequences of the pandemic, as it affects small businesses, will be felt around the world.
Congress finally agreed to a new stimulus package by Covid that will provide an additional $284 billion for the Check Protection Program, or PPP. However, with additional closures coming, many fear that relief measures will be too little, too late, especially for hospitality businesses that have been hardest hit by the strict quarantine orders.