Cryptocurrency to the Rescue
- John Oliver (J.O.) Zippay, a 6-year-old boy battling leukemia, and his family received over $800,000 worth of cryptocurrency after popular crypto figures came together to help them with a crowdfunding campaign.
- Cryptocurrency is a form of digital currency that allows you to buy goods and services or trade them for a profit. It has become increasingly popular in recent years, and crypto-influencers are noticing more fundraising efforts within the crypto community.
- Crowdfunding works in some cases, but these methods to help with the financial burden of cancer are not always reliable. Having a medical advocate in your corner for insurance purposes and connecting with social workers and foundations may be more dependable ways to alleviate financial stress from a cancer journey.
Cryptocurrency is a form of digital currency that allows you to buy goods and services or trade them for a profit. Cobie, otherwise known as "Crypto Cobain," is a popular crypto Twitter influencer who hosted a livestream event for J.O. with the caption “raising money for the lil king.” Cobie, whose real name is Jordan Fish, shared the success of the event in a recent tweet saying “last night we donated $822,000 to this little champ's family who are struggling with medical debt.”
Read MoreThe idea for the fundraiser came from another crypto Twitter influencer nicknamed "Ice Bagz" after he saw a viral video of J.O. being given a standing ovation as he returned to school after six long months of chemotherapy.
RELATED: Supermodel Diagnosed With Cancer Still Needs Crowdfunding to Pay For Care
After the event was over, John Zippay, J.O.’s father, shared a picture of his son holding a handmade sign that read, “Thank You Crypto Twitter.”
“J.O. continues to inspire so many, and his battle with Cancer is a message of HOPE,” the father wrote in the tweet. “From the bottom of our hearts we would like to thank everyone helping to support our family and blessing him with a great future.”
Navigating the Cost of Treatment
The financial burden of a cancer diagnosis can be debilitating, and many people don’t know where to turn when the medical bills start piling up. Some people look to various crowdfunding methods with online platforms such as GoFundMe. Others, like John Oliver Zippay’s family, are lucky to have high-profile people in the cryptocurrency world help with their fundraising efforts.
But is cryptocurrency the best way to crowdfund for cancer patients? It’s hard to say. But even still, the current popularity of cryptocurrency could potentially translate to better fundraising campaigns. Statista says that although cryptocurrency has done increasingly well in recent years, the price of Bitcoin and most other cryptocurrencies is generally erratic, meaning that price stability can be an issue. But Sam Bankman Fried, CEO of a cryptocurrency exchange company called FTX Exchange, thinks fundraisers have become increasingly prevalent within the cryptocurrency world because of the success of crypto over the last year.
“A lot of people in crypto made a lot money over the last year,” Fried said in the livestream after he contributed to the fundraiser in an amount valued at $40,000 at the time of donation. “And, you know, I think that it took a lot of pressure off of people’s personal finances and sort of gave them the space to think about how they could help others.”
Crowdfunding, in general, can be a tough way to raise funds during a loved one’s cancer battle. According to a study conducted by researchers at the University of California San Francisco, GoFundMe efforts often fall short. The study found that the average "goal" for patients on their GoFundMe pages is $10,000, but the average amount raised is less than a quarter of the goal at $2,125. Zippay’s family found great success with crowdfunding, but the success stories can be few and far between.
Speaking with social workers affiliated with your cancer center can be an option for people who don’t like the unpredictability of crowdfunding. Oftentimes they can help guide patients to helpful resources when the financial burden becomes too great. Patient assistance programs, for example, can be beneficial. Your social worker might point you to one of these programs when it comes to specific, expensive drugs because some pharmaceutical companies offer to help patients cover the cost.
Reaching out to various foundations can also be a viable option for cancer patients. There are many nonprofit and advocacy organizations that offer programs to help financially support a patient’s cost of care. The Lazarex Cancer Foundation, for example, helps patients cover costs associated with clinical trials and other organizations like the American Cancer Society and the Cancer Support Community may help with travel costs for treatment.
Regardless, it’s always a great idea to explore your options and talk to people who might be able to help. Dr. Allyson Ocean, a medical oncologist at Weill Cornell Medical Center, recommends finding an advocate within the medical field. Speaking from experience, Dr. Ocean knows having an medical advocate in your corner can make all the difference. She calls insurance companies all the time to help her patients get the treatment they need covered by insurance.
Paying for Cancer Find Someone Who Will Advocate For You
“My best advice to work around the system of whether or not drugs or tests can be covered for cancer is to make sure you have an advocate in your field working for you," Dr. Ocean says. “The frustrating part for me is that sometimes we even have to educate the insurance companies and say, ‘There's a reason why I want to use this medicine.'”
Learn more about SurvivorNet's rigorous medical review process.