Bitcoin and philanthropy – Crypto-generosity exploded in 2021


At the end of 2021, the Susan G. Komen association, which is the main charitable organization in the fight against breast cancer, announced that it would accept donations in cryptocurrency via The Giving Block. The Giving Block is a platform that helps nonprofits accept donations in cryptocurrency. It also allows donors to quickly identify charities that accept this type of donation. The Giving Block supports over 70 cryptocurrencies, ranging from bitcoin (BTC) to shiba inu (SHIB). Susan G. Komen and the other charities using The Giving Block have profited in their own way from the explosion of crypto markets in 2021.

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More than 1,500% growth in crypto donations in 2021: figures from The Giving Block

The volume of cryptocurrency donations amounted to $69.6 million in 2021, up from $4.2 million in 2020, according to data from The Giving Block. This volume therefore recorded growth of approximately 1,557%. The stats are drawn from data from over 1,000 charities accepting cryptocurrency donations through The Giving Block.

This significant increase in crypto donations would be due in part to the “ long bull run which characterized most of 2021”. These good figures can also be explained by ” the increased ease of making donations in cryptocurrencies to charities”.

Crypto donations for certain charities further allow benefactors to benefit from tax reduction. The Giving Block also has added new cryptocurrencies to its list in 2021, additions that likely contributed “to a higher volume of donations compared to the previous year”.

The average value of cryptocurrency donations also saw a leap of 236 %. It reached $10,445 in 2021, compared to $3,109 in 2020. The average value of cryptocurrency donations in 2021 was also 82 times greater than that of cash donations estimated at only $128.

Cryptocurrency donations soared during the last four months of 2021. The month of January 2021 saw a total volume of $300,000 in cryptocurrencies, compared to more than $20 million in December 2021. The last two months of 2021 concentrated 42% of total donations in cryptocurrencies.

This explosion of donations at the end of 2021 was probably fueled by the approach of ” the deadline to take advantage of the tax advantages” linked to these donations.

Cryptocurrency donations are however threatened by criticism against cryptos based on blockchains using proof of work like bitcoin (BTC) and which would be extremely polluting. The Mozilla Foundation had to suspend the acceptance of crypto donations following strong pressure from its community.

The new finance would therefore also be “generous”, and not reserved for people adept at short-term speculation or investing in crypto currencies? Ideal for taking your first steps in bitcoin and cryptocurrencies, the KuCoin platform just waiting for you (affiliate link)



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