Walmart’s Chief Technology Officer recently announced the company’s intentions to include crypto transactions in its digital strategy moving forward, adding that crypto will become “an important part of how customers transact” in the future. The retail giant touted the system’s potential for new revenue streams and praised its ability to allow brands to expand beyond their core customer base. Walmart has already begun implementing blockchain technology to track the origins of produce and products, and is exploring its use with logistics between suppliers and carriers. Click here to read more of what’s in the works.
Combining the Best of the Old with the New
A group of nuns from the order of the Benedictines of Mary are using bitcoin funds to construct a new church in Kansas City, Missouri. While they follow strict church tradition and live a simple, self-sufficient lifestyle from farming onsite, these nuns have successfully adopted the new technology to finance their building project. They’ve done it all without taking on debt, while creating a stately monument designed to last for the ages.
We’ve heard of blockchain, but what exactly is it and how does it work? Don Tapscott unpacks the nuts and bolts of blockchain’s inner workings in conversational terms that make it easy to understand. With relatable comparisons and real life examples that are happening today, Don shows how blockchain technology is not only relevant to our personal lives, but revolutionary in reimagining government, business, and society.
The explosive growth of cryptocurrency on a global scale could offer many new possibilities for the Church. Because of its immense potential, it’s worth taking a closer look at how these digital currencies might be used to potentially fund God’s work and expand the Church’s outreach. Cryptocurrencies carry other nontraditional benefits as well, such as lower fees and a connection to a broader demographic.
When the bellringers collect donations this holiday season, will cryptocurrency be showing up in the proverbial bucket? At the Archdiocese of Washington, in the District of Columbia and parts of Maryland, crypto donations are already welcomed. In fact, the archdiocese is the first to accept cryptocurrencies as a viable form of charitable donation – an option made available beginning July 29th of this year.
The archdiocese says any crypto donations received will be converted immediately into cash, and sent to the church to promote food pantry and hot meal programs.
Said Joseph Gillmer, the archdiocese’s executive director of development, “I see crypto giving as yet another way for donors to support charitable causes. It is part of a philosophy of making it easier for donors to accomplish their philanthropic goals by being as flexible as possible.”
The cryptocurrency exchange, Gemini Trading Group, reports that 20% of Americans last year said they hold cryptocurrency. Some non-profits see this as a new avenue for potential donors.
“The number of gifts received may be small relative to traditional ways of giving, but the average amount of each gift is likely to be many multiples higher,” said Gillmer.
This is because even though brands like Bitcoin are down over 50% from the previous high, if you follow the investment from four years ago to today, “they’re still up ten times what they were when they bought it,” according to David Sacco, a cryptocurrency expert.
Despite the ups and downs of the crypto realm, an investment of $2,200 in 2018 now totals $22,000, said Sacco. If converted into cash, it would take a significant capital gains hit. But donate that same amount to charity and you receive a tax deduction for the full $22K amount – only a fraction of what you purchased the asset for.
Eighteen months ago, the Salvation Army’s Western USA region opened up their program to accept digital currencies like Bitcoin. Now an agency official reports their organization has racked up over $120,000 in cryptocurrency donations.
The Catholic Church seems to be getting in on the frontlines of this revolution, at least as a giving option for churchgoers and other donors. Will crypto be the new go-to for savvy donors, or the gift of choice for grandparents starting the grandbaby’s college fund? It will be interesting to see how it all plays out. Read more here.