Um, yeah! Raise as much money as possible, but $50 for a bracelet like that is VERY expensive. I would think the logic for something like this would be to have many people buy something less expensive as opposed to having a few people buy something relatively expensive.
I would suggest that they possibly have a few bracelet options at different price levels. I'm sure the people that have the money to spare would still opt to buy the more expensive one.
Also, I saw your post about not getting the Pens game on NHLN and if you have DirecTV they are giving away a free trial of NHL Center Ice for the entire month of October, which is pretty sweet, I think.