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In a time when we’re bombarded with the supposed evils of bitcoin (right, Mr. Baby Brains Munger?) on a seemingly daily basis, it’s refreshing to see crypto take the spotlight for a worthy cause.

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According to Bloomberg, this is exactly what happened at a San Francisco fundraising gala held on the 3rd of May. The event was held to raise money to combat poverty in the Bay Area and was planned by the Tipping Point Community non-profit organization (NPO).

Raising more than $14 million is definitely worth celebrating, as is the fact that this is the first time that the NPO allowed pledge drive donations to be made in cryptocurrencies. Contributors were able to donate using bitcoin, Ethereum, or Ripple.

We have reached out to Tipping Point Community to determine how much of donated amount was in crypto and will update this story as soon as we receive a response.

Well-known Crypto Industry Guests

Attending the event were several high profile names within the crypto community, including CEO of Ripple, Chris Larsen; founder and CEO of Pantera Capital Management, Dan Morehead; and co-founder and chief executive of Coinbase, Brian Armstrong.

Speaking about the event, Larsen stated:

It’s great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal.

Morehead added:

It’s a productive and worthwhile application from a nonprofit that’s driven by some of the most innovative minds in San Francisco.

Armstrong was feeling positive about what the inclusion of crypto donations could mean:

I think a lot more charities will be accepting crypto in the future.

No Stranger to bitcoin

Tipping Point Community had already received a bitcoin donation in 2014. However, this is the first time that digital currencies have been accepted during the group’s annual pledge drive.

Guests were able to contribute through QR printed codes that were displayed on the gala’s program. Crypto donations will subsequently be converted into fiat currencies to be spent on developing data-driven solutions to combat issues relating to housing and education for lower-income households.

Caring Through Crypto

Silicon Valley seems to be a great place to encourage crypto donations. Filled with tech industry giants and lucrative new start-ups, some of this wealthy set are all too familiar with cryptocurrencies and, more likely than not, are holding onto quite a bit in their digital wallets.

By using crypto to contribute to charity organizations, these professionals have the ability to not only donate but also to spread awareness of virtual currencies and to foster readier adoption by other organizations in other states.

Silicon Valley is definitely setting a trend. Christie’s Manhattan auctioneer, Lydia Fenet, who led the donation drive at the event, said:

Trust me, no one is doing this in New York yet.

Perhaps after possible bitcoin futures trading on the New York Stock Exchange, this could soon change.

Have you ever donated to charity by using cryptocurrencies? Would you if given the option? Let us know in the comments below!

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Images courtesy of Pexels, Shutterstock, Amanda Gordon/Bloomberg

Brian Armstrongcharity donationsChris LarsencoinbaseDan MoreheadPantera Capital ManagementSilicon Valley Show comments

Published at Wed, 09 May 2018 09:00:18 +0000

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