Bloomberg Expert Explains Why Crypto Rally Might Transform Philanthropy
Once Bitcoin (BTC) reaches $200,000, new billionaires will donate in eccentric way
Tyler Cowen, professor of economics at George Mason University, foresees a revolution in philanthropy. It may be driven by a crypto price upsurge.
Times of “weird and stand-alone” are coming
Mr. Cowen discusses the latest theory by Coinbase CEO Brian Armstrong. The head of the leading U.S. exchange assumes that, once the Bitcoin (BTC) price reaches $200,000, half of all billionaires will represent the crypto scene.
Should these billionaires be interested in philanthropy, they will donate to “weird” concepts and ideas. The Bloomberg expert highlights that Bitcoin (BTC) itself belongs to this sort of project.
Due to the “independent” nature of the blockchain segment, crypto-driven philanthropy will most likely be focused on non-establishment, nongovernmental organizations.
Mr. Cowen compared these prospects to the story of the Cleveland Symphony Orchestra, supported by Midwestern businesses in the mid-20th century.
How would the “young and rich” donate?
Also, Mr. Cowen emphasized that most newborn crypto tycoons are young: their wealth is earned much more quickly than that of the kings of traditional businesses.
That is why charity non-profits should reconsider their strategies to attract the interest of these powerful yet eccentric potential donors.
Mr. Cowen’s theory about the interest of crypto magnates in “weird” projects was confirmed at least two times. Namely, the recipient of the first-ever Bitcoin (BTC) transaction, Hal Finney, was a huge supporter of immortality engineering and cryogenics.
In 2020, Ethereum founder Vitalik Buterin, FTX CEO Sam Bankman-Fried and prominent investor Haseeb Quresh donated $150,000 to the SENS Research Foundation. It addresses the pursuit of human life extension practices.