Recently 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.”
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.
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.”
Here are a few other recent Bitcoin articles to check out:
- New Google Calculator Tells You What Your Money Is Worth In Bitcoin – Venture Beat
- Bitcoin and Charities – Business Insider
- Bitcoin Startup Xapo Sets $40 Million Fundraising Record – Business Week
- Politicians Shy Away From Bitcoin Contributions – USA Today
- Hours After Typhoon Rammasun Slams Into Philippines, Bitcoin Fundraising Campaign Begins – Tech In Asia
- Businesses Accepting Bitcoin – Pinterest Page
- Opera Lovers May Now Donate Bitcoin to Princeton Opera Alliance – ForexMinute
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.