3 New Stories Exploring the Emergence of Bitcoin Fundraising

By eleventy marketing group

Fundraising via Bitcoin has become a hot topic in the nonprofit industryRecently we reported on this blog about the potential of Bitcoin as a fundraising tool. Since then, there’s been a lot more chatter in the nonprofit industry about this topic. And that chatter will only grow louder in the near future.

From nonprofit organizations to political campaigns, more and more information about how Bitcoin is being used to raise funds is coming to light. We’re moving beyond simply talking about the vast potential of Bitcoin to seeing real results. Still, many questions remain.

In today’s post, we’ll provide summaries and links to some recent articles and podcasts tracking the adoption of Bitcoin that we found interesting.

3 Recent Reports on the Rise of Bitcoin Fundraising

Looking to learn more about how organizations of all types are testing out Bitcoin? Check out these resources:

1. Nonprofits Test the Bitcoin Waters

A recent article from The Chronicle of Philanthropy looks at how a few nonprofits have tested Bitcoin with varying levels of success. They report that the Water Project raised $30,000 in Bitcoins (all new revenue, all recorded as a non-cash gift), while the Capital Area Food Bank of Texas has collected less than $1,000 in Bitcoin donations since February.

Despite the wild variance, the article notes: “The early lurching and false starts are not unlike those experienced by other new technologies, including the Internet, advocates say. And the potential benefits are enormous.”

Screen Shot 2014-07-22 at 9.37.40 AMView The Philanthropy article about Bitcoin nonprofit fundraising

2. Taking a 360-Degree View of Bitcoin

The Freakeconomics radio podcast (a great podcast, by the way) delved into the topic of Bitcoin after a lot of listener requests. There’s also the fact that when Freakeconomics radio held a fundraising campaign, they were repeatedly asked “Why don’t you accept Bitcoin?”

This podcast gives a great intro to Bitcoin—including its brief history and how it works—and provides insights from people like Silicon Valley veteran Marc Andreessen, Stanford economist Susan Athey and New York Superintendent of Financial Services Benjamin Lawsky. It’s a good listen and a great primer on Bitcoin for the uninitiated.

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Listen to the Bitcoin episode of the Freakeconomics podcast

3. Bitcoin for Political Fundraising

CoinDesk, a website devoted to news, info and pricing about Bitcoin, posted this article in July about a Missouri congressional candidate Dan Elder funding his campaign entirely through Bitcoin donations. CoinDesk reports Elder is the first political candidate in the U.S. to accept only Bitcoin. No word yet on how much his campaign had raised.

Elder (an IT specialist) is accepting the digital currency both to push the technology forward and make a statement. As Elder says: “I’m accepting BTC donations to solely fund my campaign to take a stance against the Federal Reserve and its policies which have weakened the US dollar.”

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Read the CoinDesk article about Bitcoin political fundraising

Additional Resources

Here are a few other recent Bitcoin articles to check out:

Undoubtedly, Bitcoin will remain a hot topic of fundraising conversation as more case studies emerge. Does your nonprofit currently accept Bitcoin? If you have tested out fundraising with Bitcoin, please share your thoughts or experiences by commenting below.