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Charitable Community – Crypto donations have increased 16x in 2021

 


The volume of the average crypto donation has also increased significantly compared to the previous year.


2021 was not only the year that cryptocurrencies became an increasingly interesting financial instrument for institutional investors, but also the year that they were increasingly used as a vehicle for charitable purposes.


As per data from donation platform The Giving , the volume of crypto donations has increased from $4.2 million in 2020 to a whopping $69.6 million in 2021. This has increased cryptocurrency donations on the platform by a massive 1,558%, or almost 16x. At the same time, the average value of donations increased by 236%, which corresponds to an increase from US$ 3,109 (2020) to US$ 10,445 (2021).


The data also shows that the average crypto donation is 82 times larger than cash donations. As mentioned, the average donation in crypto is $10,445, while the average donation in cash is just $128.


The monthly distribution of crypto donations is also quite interesting, as they were by some distance the highest in the fourth quarter of 2021. The volume of donations also increased steadily over the months. In January "only" $300,000 was raised, while in December more than $20,000,000 was donated to charity. With that, 42% of all crypto donation funds in 2021 came in the last two months of the year.


The platform's market researchers suspect that the record run of the crypto market in the third quarter of last year and the increased acceptance of crypto payments by charitable organizations and projects are responsible for this trend. More than 1,000 charities are now accepting crypto donations.



With regard to the annual quarters, there is also a steady increase, which proves this thesis. While only US$1.69 million was donated in Q1 2021, this volume grew to US$43.1 million in the fourth quarter. More than 70 cryptocurrencies were used, among which Ether ( ETH ) made it to the place in the sun. This is followed by Bitcoin ( BTC ) and the stablecoin USDC. The first three together are responsible for almost 85% of all crypto donations.


Data on crypto donations provides evidence that digital currencies are becoming the accepted means of payment for activists, politicians and charities. Bitcoin was also used as a financial policy tool during the protests in Hong Kong last year . Similarly in Myanmar, where the stablecoin Tether (USDT) was used as the unofficial currency of opponents of the regime.

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