Dave Portnoy, creator of sports media platform Barstool Sports, launched The Barstool Fund to support small businesses in the U.S. in the face of a coronavirus pandemic. In just a few days, he raised more than $1 million from cryptocurrency supporters.
Portnoy announced the launch of The Barstool Fund on Dec. 17, but until Dec. 24, donations could only be made in fiat.
Dave Portnoy actively promotes the initiative on Twitter, one of the most popular communication platforms for cryptocurrency followers.
On Christmas Eve, the foundation began accepting bitcoin, and in just a few days, donations from the bitcoin community, including fiat transfers, topped $1 million. Among those who supported the initiative were Gemini exchange founders the Winklevoss brothers and Morgan Creek partner Anthony Pompliano.
On Dec. 25, Portnoy reported that of the $750,000 that cryptocurrency supporters had donated by then, $100,000 had come in bitcoin.
He also called on the bitcoin community to more actively support the initiative, and his words were heard. In the next 36 hours, cryptocurrency proceeds topped $500,000, Alex Wilson, co-founder of tech support platform The Giving Block, told Decrypt.
„It’s a great initiative, and it’s hard to find a better cause for charity. Small businesses are the backbone of this country, and they’re trying to keep the American dream alive. But at a time when they needed support the most, politicians abandoned them,“ said Anthony Pompliano.
Since launching the initiative, the foundation has raised more than $7.1 million, providing financial assistance to many struggling businesses across the country, including caterers, dry cleaners, beauty salons and more.
Recall that earlier this year Dave Portnoy invested more than $1 million in bitcoin and several altcoins, but suffered losses on the market drawdown and excluded cryptocurrencies from his portfolio.