The crypto community has already contributed more than $ 750,000 to Dave Portnoy’s fundraiser.
Sports journalist and influencer Dave Portnoy is now accepting Bitcoin ( BTC ) and other cryptocurrencies in his donation fund for small business owners .
Less than 24 hours after the corresponding announcement, the crypto community has already shown itself to be very helpful
The Barstool Fund, named after Barstool Sports, the sports blog Portnoy, last week was launched to help small business owners who have fallen through the corona crisis in trouble. As of press time, the fund raised nearly $ 5.3 million to benefit 14 different companies. More than 53,000 donors have participated so far. For tax reasons, the donation campaign will only run until the end of the year.
As already mentioned, the majority of the donations come from the crypto community. For this purpose, the crypto asset management company Morgan Creek Digital has set up a separate Bitcoin address 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, told Cointelegraph that „at least $ 750,000″ of cryptocurrencies had been received by Friday morning:
“It is difficult to say exactly which donations are coming from the crypto community, but we can safely say that at least $ 750,000 has been donated in the form of cryptocurrencies. The actual amount donated by the crypto community is therefore very likely higher. “
„2020 was a difficult year,“ as Pompliano says. However, he adds: „But Bitcoin was good for all of us.“
„There is no better way to end this year than with a new Bitcoin record high and a few donations to share our happiness.“
Cointelegraph reporter Helen Partz asked Alex Wilson from The Giving Block how the crypto donations to the Barstool Fund are going.
The crypto users can donate by visiting the Barstool Fund website, clicking the corresponding button and choosing the crypto currency of their choice. A wallet address will then be displayed to which you can then send your crypto donations. As soon as the payment has been processed, the donors will receive a receipt by email.
The corona crisis is known to have been accompanied by severe cuts in social life. Small business owners suffer particularly badly from the repeated lockdown, as their operating costs often continue without generating any new income. Many self-employed therefore see themselves on the edge of their existence.
As Pompliano notes, small businesses account for nearly 50% of all jobs in the US and are “representative of the American Dream” around the world. In his opinion, the consequential economic damage to American small business owners will be felt around the world.
The US parliament has meanwhile agreed on a new corona aid package that is to provide 284 billion US dollars. However, since the lockdown will continue indefinitely , many experts fear that further tools will be needed in the future. Gastronomy, tourism and the hotel industry in particular have been hit hard by the ban on going out.