The crypto community has already participated in Dave Portnoy’s fundraising campaign with more than 750,000 US dollars.
Sports journalist and influencer Dave Portnoy is now accepting Bitcoin (BTC) and other cryptocurrencies in his small business donation fund. Less than 24 hours after the announcement, the crypto community has already been very supportive.
The Barstool Fund, named after Barstool Sports, Portnoy’s sports blog, was launched last week to help small business owners struggling as a result of the Corona crisis. At the time of going to press, the fund has raised just under $5.3 million, which will benefit 14 different businesses. More than 53,000 donors have contributed so far. For tax reasons, the fundraising campaign will only run until the end of the year.
A large part of the donations, as already mentioned, comes from the crypto community. The crypto asset management company Morgan Creek Digital has set up a separate Bitcoin address for this purpose via the donation portal The Giving Block. In addition to Bitcoin, the Barstool Fund also accepts donations in the form of Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.
Anthony Pompliano, one of the co-founders of Morgan Creek Digital, tells Cointelegraph that “at least US$750,000” in cryptocurrencies had been received by Friday morning:
“It’s difficult to say exactly what donations have come from the crypto community, but we can say with certainty that at least US$750,000 has been donated in cryptocurrencies. So the actual amount donated by the crypto community is very likely higher.”
“2020 was a difficult year,” Pompliano says to that effect. However, he adds, “Bitcoin has been good for all of us.”
“There’s no better way to end this year than with a new Bitcoin record high and some donations to share our good fortune.”
Cointelegraph reporter Helen Partz checked in with Alex Wilson of The Giving Block to find out how crypto donations to the Barstool Fund work.
Crypto users can donate by visiting the Barstool Fund website, clicking the appropriate button and selecting the cryptocurrency of their choice. A wallet address is then displayed, to which they can then send their crypto donation funds. Once the payment has been processed, donors will receive a receipt by email.
The Corona crisis has been known to cause severe cuts to social life. Small business owners suffer particularly badly from the repeated lockdown, as their operating costs often continue without generating new revenue. Many self-employed people therefore find themselves on the edge of their existence.
As Pompliano notes, small businesses are responsible for nearly 50% of all jobs in the US and are “representative of the American Dream” around the world. The economic consequences for American small business owners will, in his opinion, be felt around the world.
Meanwhile, the US Parliament has agreed on a new Corona aid package that is to provide 284 billion US dollars. However, as the lockdown will continue indefinitely, many experts fear that more aid will be needed in the future. The restaurant, tourism and hotel industries are particularly hard hit by the curfews.