New York-based non-profit charity, the Bitcoin Water Trust, has received over $1million worth of BTC in less than three weeks since its launch. The Water Trust charity was launched and publicly announced in May during the 2021 Bitcoin Conference in Miami.
The Charity’s initiative has so far attracted attention from the “HODL MODL” treasury management strategy experts. This investment method will enable the non-profit to thrive after accepting Bitcoin donations and it promised to hold the assets until 2025.
According to the website’s data, the Bitcoin Water Trust agreed to have received a total of 32.5949 BTC so far, which translates to at least $1.3 million at current prices.
The charity foundation now hopes to leverage the hypothetical gains Bitcoin could make over the coming years. Gemini, a U.S-based crypto exchange that also provides custodial service to the charity, said in a blog post that the donations received could make a significant impact if held in the future. The blog post read:
“This new charity model — the HODL MODL — creates a new paradigm for charitable giving. It brings the HODL ethos of Bitcoin to charitable giving, and means your bitcoin donation today could make an even bigger impact tomorrow.”
Gemini’s twin-brothers founders, Tyler and Cameron Winklevoss agreed to match the first 50 Bitcoin donated to the Bitcoin Water Trust mentioning:
“We’re thrilled to help a fellow mission-driven organization like Charity: water accepts Bitcoin and maximizes its humanitarian efforts.”
Since 2006, when the Water Trust Charity was established, the non-profit initiative had worked enthusiastically. It was striving to launch community-owned water projects aiming to provide clean water and sanitation to developing nations which it has managed to accomplish for several years now. The organization first began accepting Bitcoin donations in 2014.
In recent months, the term charity has turned out a popular topic within the crypto space after Ethereum co-founder Vitalik Buterin donated SHIB tokens worth billions that had been airdropped to his wallet by the meme coin’s creator.
Buterin donated one-tenth of his SHIB holdings to charity after burning the remaining 90% to discourage other altcoin’s developers from airdropping massive quantities of their token’s supply to his wallet for promotion.
Among the top recipients includes the India Covid Relief fund with over 1 billion worth of SHIB from Buterin’s stash. On May 31, the Human Rights Foundation (HRF), a global supporter of human rights activism, launched several Bitcoin-based grants as part of its $210,000 Bitcoin Developments Funds.