Binance CEO Changpeng Zhao has vowed to donate 10M RMB (the U.S. $1.5 million) to people who fell prey to the deadly Coronavirus. The Coronavirus has wreaked havoc in China, and 56 have lost their lives. It has gripped people from various parts of the world, including the U.S., Europe and other regions of the world. He also displayed his elation over his team’s desires and efforts to contribute to such a cause. He said, “[I]hope we can do our part to help people get better soon.”
Bitcoin and other cryptocurrencies have proved its mettle in providing help to people and areas hit by natural disasters. A recent example that springs to mind is of Coinbase CEO Bryan Armstrong, who in order to raise USD$ 1 billion, after the natural disasters in Puerto Rico, opened a crypto-based fund. The CEO of Okex, Jay Hao, also lent his support via cryptocurrency, when Australian bushfires ran riots earlier this month.
Connie Gallippi, Executive Director of BitGive, throw light on what turns Bitcoin into such a beneficial and benevolent charity coin is because it “allows BitGive to confirm remote transactions, significantly lower transfer fees, provide transparency in real-time, execute cryptographically-secured transactions and obtain fast settlements.”
Another added advantage is the leniency. A report by New York times reached the conclusion that making donations with Bitcoin provides tax benefits and also the technology used adds more significant transparency, and it helps people and institutions stay updated with how their donations are being used, adding more clarity to charity.
The Coronavirus Catastrophe Benefitting Bitcoin
The Coronavirus virus has significantly plundered the trade of crude oil, demand dwindled, and it fell down to $52 from $55. Gold and Bitcoin, along with U.S. dollar have profited from this epidemic and the Bitcoin bullish rally yesterday turned the tables around and helped to propel bitcoin past the $8,500 mark.