Philanthropist Couple Donates Hundreds of Thousands in Bitcoin Gains to Cancer Research
Jeff Hammerbacher and Halle Tecco bought bitcoin in 2013 as an early leap of faith, and then largely forgot about it; until now.
The couple are investors in the fields of health and technology, often pegging winners before the prices surge. One of these investments was Facebook, of which Hammerbacher was an early employee.
Halle Tecco is one of the founders of Rock Health, as well as one of the investors in the company. Very knowledgeable about health and biomedicine, she is an advisor to the Boston Children’s Hospital and Harvard Medical School of Biomedical Informatics.
When Hammerbacher and Tecco bought into bitcoin in 2013, it was worth no more than $800. Fast forward four years to December 2017 and the price of bitcoin has risen to over $18,000.
Although the benevolent couple wishes not to divulge the exact amount of their initial investment, they confirmed that it is now worth hundreds of thousands of dollars.
Instead of keeping it to themselves, they have mutually decided to donate it all to cancer research; more specifically, MUSC Hollings Cancer Center, which is the only cancer center in South Carolina that is designated by the National Cancer Institute.
It is clear that cancer and associated research is a cause especially close to Tecco’s heart, having dealt with many people affected by the condition.
They have left the decision of how to process the funds in the hands of the hospital. The investment was initially made through the Grayscale Bitcoin Investment Trust, which still holds the funds to this day.
It would be at the hospital’s discretion when or whether they wish to convert the donation into US dollars, as the cryptocurrency appears to have a future of continued growth ahead of it.
When asked about their motivation behind the donation, they answered that they hope to inspire others to do the same thing.
“The investor community that has benefited from the bitcoin craze should use this foresight (and luck!) to help others,” said Tecco to CNBC in a text message. “We hope we are just the first,” she added with optimism.
The pair of angel investors have created an investment fund of their own, called Techammer. The combination of their names in the company name is a testament to their belief in the project and the personal dedication that they have poured into it.
There is much to be gained from the story of Tecco and Hammerbacher, as they both began their working careers as grocery-store cashiers. Through a shared dream, unwavering dedication and a drive to spread positivity, they help like-minded people to “better the lives of everyday Americans.”
The generous contribution of Tecco and Hammerbacher is not the only good that cryptocurrency is doing in communities around the world.
It has also been described as a “game-changer for those in extreme poverty,” helping the poor to uplift themselves through cryptocurrency investing
In a recent Forbes article, Nikolai Kuznetsov also shared this vision of blockchain bringing an end to poverty, primarily through financial inclusion.