The Cape Cod leading Medical center received $800,000 in a Bitcoin donation after the Massachusett-based NPO opened an account capable to accept crypto funds so let’s read more in our latest BTC news today.
The Cape Cod leading medical center opened a new crypto-prepared account on the request of a longstanding benefactor so now crypto gifts could be widely accepted by institutions reliant on public donations and in these pandemic times, it’s a good idea to get a little optimism. On the coastal island of Cape Cod, the staff at Medical Center Cape Cod Healthcare received a message saying to check up on the new crypto-based bank account and there was a surprise donation of $400,000 which was actually the second donation they received from the same benefactor. The first came at the end of January while both of the transactions arrived in less than a month.
The Bitcoin donation was not out of the blue because the senior vice president of the hospital Christopher Lawson, previously donated cash every year and sent emails multiple times on whether the hospital will accept BTC donations. Lawson said:
“Before we responded, we had to make sure there were not any issues. It required a good amount of research… My office probably spent a week or two doing our best to learn who else was doing this.”
Since priming the accounts to receive crypto, Cape Cod Healthcare adopted a new policy of converting BTC to US dollars as soon as the transaction comes through, and this way, it will avoid shortfalls if BTC suffers a pullback. After all, in spite of the robust performance in the crypto markets, BTC is still a high-risk asset. Cape Cod’s crypto accounts generate personalized QR codes for the donor to transfer the funds and using this code means that anyone can transfer funds into the hospital at any time. Lawson believes that many will prepare their accounts to receive gifts:
“It is not widespread but it is becoming more mainstream. People are accumulating these assets, and they are looking at opportunities to donate them.”
As recently reported, The American Cancer Society set up a Cancer Crypto Fund which aims to raise $1 million by 2021 in order to fund ongoing search initiatives. The donations made to the cancer research groups dropped by 50% in 2020 and reached the lowest point this century according to the society. The sharp drop was attributed to the economic implications of COVID-19.
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