You read that right — Beetcoin, not Bitcoin.
Slow Money Alliance, a collection of regional networks that invest in small food enterprises, introduced the Beetcoin concept on its website a week ago.
Slow Money Alliance is about “taking some of your money out of Wall Street and doing something with it that you understand,” said Woody Tasch, founder of Slow Money Alliance.
Beetcoins, which are investments in small enterprises, cost $25 to start off, though people can donate more. The goal is to raise $50,000 which will help fund two small business projects. One business will receive a $40,000, three-year, zero-interest loan, while the other will get a $10,000 loan.
“This is just our effort to make it easy for people who just want to give a little bit of money,” Tasch said.
As of Friday morning, people had given $17,775.
Tasch said the group decided to host its annual conference in Louisville because: “We all adore Wendell Berry.” Berry is a poet, novelist and environmental activist from Henry County, Ky.
On the last day of the conference, entrepreneurs will pitch their food-related project ideas, hoping to attract investors including Beetcoin holders. People who purchased a Beetcoin will vote for the best idea after the presentations are complete….”