How Web3 and Bitcoin Billionaires Will Revolutionize Philanthropy

How many cryptocurrency billionaires can we expect? At Consensus 2022 in Austin, Texas, Rhys Lindmark, CEO of Roote, a nonprofit startup studio, provided a solution to this query.

If bitcoin reaches $200,000, he predicted that 20% of all billionaires will be cryptocurrency billionaires by 2025 or 2030. Further analysis reveals that would create 400 BTC billionaires and 200 ETH billionaires globally. From the current estimate of 19 crypto billionaires, that is a significant increase.

Additionally, technological advancement creates philanthropists in the same way that it creates a new generation of wealthy elites. Whether mankind is able to appropriately handle its existential problems may depend on how the crypto generation uses their wealth.

The Chan Zuckerberg Initiative, Schmidt Futures, and the Bill & Melinda Gates Foundation are three enormous organisations that raise money for deserving causes and were all created by Web2. Web3, another significant "wealth creation event," is attracting its own set of charitable organisations, such as the FTX Future Fund, which has committed to giving $100 million this year.

According to Lindmark, the concept of "SquadWealth," or what happens when communities are able to unify behind new financial incentives, is what distinguishes Web2 from Web3. This is important for both charity and capital formation, which includes starting new ventures.

The installation period is still active for Web 3. What effect is it having on society today?

This can be divided into three groups:

Value creation: Impacts of Web 3.

Excess capital: philanthropy and Web 3

SquadWealth: collaborative ecosystems in Web 3

Value creation: Impacts of Web 3

First, by examining the mission statements of tech companies, we may comprehend the effects of Web 2:

Microsoft: A computer at every desk and in home too.

Google: To compile the world's knowledge and make it widely usable and accessible

Facebook: To increase global connectivity and openness.

Amazon: Customers may locate and learn about everything they might wish to purchase on it.

But with Web 3, the emphasis on mission statements is financial rather than informational:

Coinbase: To improve global economic freedom.

OpenSea: Building an open digital economy with OpenSea.

FTX: A cryptocurrency exchange designed by traders.

A globalized digital economy will be one of Web 3's first effects.

Excess capital: philanthropy and Web 3

A number of "conventional" foundations, including the

Bill and Melinda Gates Foundation, were born from Web 2.

Schmidt Futures

Chan-Zuckerberg Project

Foundation for MacKenzie Scott.

Open-minded Philanthropy

Web 3 is developing in an odder way.

For longevity research, Brian Armstrong is providing $100 million. The FTX Future Fund was launched by SBF, which doubled the amount of money invested in long-term thinking. Additionally, he donated more than $10 million to Oregon politician Carrick Flynn, who is an effective altruist. (This is more funding than any other House contender received.)

SquadWealth: collaborative ecosystems in Web 3

Finally, we can consider how money is created in the long tail.

This mostly appeared as AngelList syndicates and angel investor networks on the Web 2. Early employees who make tens of millions of dollars when they leave the company reinvest their earnings in technology.

This goes even further in Web 3. NFT degens and crypto VCs participate in every round as a community. With the Web 3-native version of syndicates, Syndicate DAO—a here's link to the first 100 investors—this will be greatly enhanced. Community fundraising is done using cryptocurrencies.

The World is being eaten by software. Crypto helps moves that procedure. Web 3 will be our swimming pool by 2040, filled with crypto whales, billionaire minnows, and the rest of us tiny krill.