Time for philanthropy to embrace digital currencies

The number of cryptocurrencies on the market has exploded from 500 in 2014 to nearly 7,000 in October 2021, seven years later. According to reports, 14% of Americans — roughly equivalent to 21.2 million people — have purchased some form of cryptocurrency, with an estimated more than 300 million cryptocurrency owners worldwide.

It is clear that cryptocurrencies are here to stay and their path to global recognition and success has only just begun. I’ve previously shared how and why innovation departments in longevity and biotech should partner with digital currency visionaries to ensure their work is future proof. Cryptocurrency founders, CEOs, and buyers are already breaking down barriers and contributing to a more decentralized future in their daily lives. By giving individuals access to a variety of assets and investment opportunities beyond traditional financial products, the cryptocurrency industry is creating a future where innovation is at the forefront.

I see no reason for this kind of innovation to remain confined to these technology-driven industries—the philanthropic world can and should benefit from it, too. Accepting cryptocurrency donations is the first step in signaling directly to the wider community that an organization acknowledges its importance and is ready to embrace disruptive technology.

charity events

Some charities in the field of longevity already do this. The SENS Research Foundation is a leading longevity research organization that researches, develops and promotes comprehensive solutions to age-related diseases. By keeping the public informed of new developments and attracting educated donors, the SENS Foundation supports programs dedicated to treating heart disease, cancer and Alzheimer's disease. Notably, it has made cryptocurrencies an integral part of its business. SENS accepts donations in 72 different cryptocurrencies, from BTC and ETH to DOGE and AAVE, among others.

In 2018, Vitalik Buterin donated $2.4 million in ETH to the foundation, and other crypto visionaries followed suit. HEX founder Richard Hear partnered with SENS to launch an airdrop campaign calling on users to donate a portion of their cryptocurrency and get involved to win Heart’s new cryptocurrency, PulseChain. The PulseChain airdrop raised over $25 million to support the foundation’s work, clearly proving that collaboration between the cryptocurrency and longevity fields can be an incredibly powerful tool.

The Longevity Science Foundation, which I help run, accepts donations in all major cryptocurrencies and plans to work closely with crypto industry leaders to build a decentralized and transparent funding model. Because all donors, including cryptocurrency leaders, have a vote in the foundation's funding decisions, the foundation is committed to supporting projects that reflect the most forward-looking worldviews.

Of course, accepting cryptocurrency donations is not limited to longevity nonprofits and foundations. Other founders and funding teams are realizing the incredible power of cryptocurrencies and the decentralization they provide. For example, The Giving Block gives any nonprofit the tools to accept cryptocurrency donations and makes it easier for philanthropists to donate in their preferred digital currency to more than 400 organizations like the American Cancer Society and No Kid Hungry.

Several other global nonprofits, including St. Jude Children's Research Hospital and World Relief, are following suit. If these global entities, known for their philanthropic work and admirable goals, can accept cryptocurrencies and the donors behind them, so should other nonprofits.

call to action

It’s time for the philanthropic and nonprofit industries to realize the potential of digital currencies. The extension of human lifespan is within our reach, along with many other important advances, but support from different industries and wise minds is vital.

Adopting crypto industry principles such as decentralization and tokenization can enrich these foundations and modernize their operations, while accepting cryptocurrency donations will help ensure that innovators and change makers can contribute to significant progress. We can use all the tools (and currencies!) at our disposal to build a better future together.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.