Fundraising Trends: United Way Hops on the Bitcoin Donations Bandwagon
Over the past year or so, Internet currency Bitcoin has received plenty of attention in the nonprofit fundraising sector.
Several organizations such as The Water Project, Capital Area Food Bank of Texas and the Women's Annex Foundation are already accepting Bitcoin donations, while more and more fundraisers are asking, "Should Your Nonprofit Accept Bitcoin for Donations?"
Now, one of the most recognizable nonprofits organizations in the country, the United Way, has jumped on the Bitcoin bandwagon. The organization dedicated to improving lives by mobilizing the caring power of the communities to advance the common good announced a partnership Bitcoin wallet and platform provider Coinbase to accept Bitcoin donations to the United Way Innovation Fund.
Clearly, there are organizations out there — some big, some small — that believe Bitcoin is part of the future of fundraising. While it may not be a "make-or-break decision" for most fundraisers right now, as Joe Garecht points on his Fundraising Authority blog, "if your donors tend to skew younger or are generally tech-savvy or 'early adopters,' accepting Bitcoin for donations could appeal to your donor base and lead to more and larger donations."
Currently, one Bitcoin is valued at $474.22. That opens lots of potential for larger online donations.
The question remains as to whether or not Bitcoin is here to stay in the fundraising landscape, but with more and more companies and nonprofits like the United Way adopting Bitcoin, it's clear that fundraisers should at the very least be investigating this new, online currency.