For the small-business relief fund, Dave Portnoy of Barstool Media is collecting Bitcoin and cryptocurrency donations. The crypto community has replied with remarkable generosity in less than 24 hours after incorporation.
Last week, the Barstool Fund was introduced to raise money for small businesses affected by the Covid-19 pandemic. At the time of publishing, almost $5.3 million has been collected by the Fund to support 14 businesses. About 53,000 donors donated. The campaign is expected to run before the end of the year for tax reasons.
After Morgan Creek Digital set up a Bitcoin address via The Giving Block, a crypto donation company, a massive portion of those donations came from the cryptocurrency community. In addition to Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x, the Barstool Fund also accepts donations.
Anthony Pompliano, Morgan Creek Digital co-founder and partner, tells Cointelegraph that crypto donations worth “at least $750,000” were made as of Friday morning: “It is hard to track every donation coming out of the crypto community, but we know of at least $750,000 that has been donated in US dollars or crypto. The actual number is likely higher.”
“2020 has been a tough year,” Pompliano said, adding that “Bitcoin has been great to all of us though.”
He continues: “There is no better way to end the year then with a new Bitcoin all-time high and a few donations to share the love.”As Pompliano pointed out, small businesses provide around 50 percent of U.S. jobs and “keep the American dream alive for billions of people around the world.” The economic effects of the pandemic will reverberate around the world as it concerns small businesses.