/ FORWARD THINKING
Yes, We Accept Crypto: Embracing Digital Assets & the Future of Finance in Philanthropy By Matt Miller, CFRE, CSPG Director of Development & Strategic Engagement, Loma Linda University Health
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mongst the many ways COVID-19 has changed human behavior, the way we spend money has been a less frequently highlighted, but subtly consistent reminder of the effects of the virus on our society. Only a year ago, a trip to the grocery store was all it took to be informed of the national coin shortage while news outlets shared stories of world governments using ultraviolet lights and heat to sterilize paper currency before recirculating it.1 The coin shortage itself created challenging scenarios for cash payers in which merchants became unable to make change. The outcome of which required the use of exact change,
credit/debit cards, or smartphone pay options.2 These factors further fueled an independent, ongoing movement toward an increasingly digital economy. Concurrently, the maturity and adoption of digital assets began to rise in September 2019 and quickly realized over $1 trillion in total market capitalization for the first time in January 2020.3 In December 2019, financial technology (FinTech) company Ripple Labs recognized a number of trends contributing to this rise and rightly predicted that 2020 would be “The Year of the Digital Asset.” 4 In July, Cornerstone AHP Healthcare Philanthropy Journal|Spring 2021| 33
