Internet Archive and Overstock to ‘Hodl’ More Bitcoin Revenue and Donations

[jamie.redman1]

Many merchants and non-profit groups accept bitcoin these days, but some of them convert the digital currency into fiat reserves immediately after receiving bitcoin; oftentimes to avoid volatility. However, two well-known organizations, Overstock.com and the Internet Archive (Wayback Machine) recently revealed in their earnings reports they are hedging bitcoin to make some nice profits and to see how the grand experiment works.

The Internet Archive is a San Francisco–based non-profit that aims to provide “universal access to all knowledge” with its library of digitized content and a vast amount of recorded web pages. The portal was founded in 1996 by Brewster Kahle and has a collection of over 15 petabytes of data. Operating as a 501(c)(3) non-profit, the Internet Archive has accepted bitcoin donations since 2012. This week Kahle decided to explain to the public in a blog post why bitcoin remains a fixture in the nonprofit’s balance sheet.

“A foundation was curious as to why we have Bitcoin on our balance sheet, and I thought I would explain it publicly,” explains Kahle. “The Internet Archive explores how bitcoin and other Internet innovations can be useful in the non-profit sphere – this is part of it. We want to see how donated bitcoin can be used, not just sold off.”

Read More Here >>> https://news.bitcoin.com/internet-archi ... donations/