Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses
The crypto community has donated more than $1 million to Dave Portnoy’s The Barstool Fund.
The Fund has raised a total of about $6.343 million from 59,830 supporters and has already helped 18 small businesses.
From the crypto community, trader Mason Riley donated the highest amount $250k and crypto exchange Gemini founders Tyler and Cameron Winkless donated $200k.
Crypto investment firm CMS Holdings made $102k in crypto donations and Jason A. Williams, author of “Bitcoin: Hard Money You Can't F*ck With” contributed $100k. Anthony Pompliano, co-founder of Morgan Creek Digital donated 2 BTC which was worth $50k on Christmas day.
Anonymous traders @Cryptowhale and @Milkman2228 donated $50k and $25k respectively while David Gokhshtein, member of Forbes Finance Council, did $10k. An anonymous donor donated $55,000 in Zcash to the fund. Besides these whale donors, $216k also came from the crypto community.
The Fund currently supports 12 crypto assets in total: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Zcash (ZEC), Basic Attention Token (BAT), 0x (ZRX), STORJ, DAI, Gemini Dollar (GUSD), and AMP.
Just before last weekend, Dave Portnoy introduced The Barstool Fund to help small businesses in need of help due to the coronavirus pandemic.
Introducing The Barstool Fund
— Dave Portnoy (@stoolpresidente) December 17, 2020
This week, Portnoy took to Twitter to share that Winklevoss twins donated $200k to the fund unsolicited and called out Pomp and Williams to step up and make some donations as well.
In turn, Bitcoin proponent Pomp asked Portnoy to set up a Bitcoin wallet on the Funds page for the crypto community.
“@stoolpresidente is finally ready to atone for his sins and weak hands. We're setting up a Bitcoin wallet through @TheGivingBlock to help raise money for small businesses via the Barstool Fund,” tweeted Pomp on Christmas Eve.
Just to clarify we got 100k in crypto total. 5.4 million in US dollars. Crypto is at all time high. You had us create a way for #Bitcoin people to donate crypto. Enough talk. Time for Bitcoiners to show up. #barstoolfund https://t.co/Lff42RnR8M
— Dave Portnoy (@stoolpresidente) December 25, 2020
As per the Funds page, donating crypto directly to a 501-c3 non-profit offers better tax efficiency than cash as the IRS classifies cryptocurrency as property for tax purposes.