Charities Embrace Crypto Contributions: Over $2 Billion in Donations Received
The Rise of Crypto Contributions in US Charities
In a groundbreaking shift towards embracing digital assets, leading charities in the United States are increasingly accepting crypto contributions. According to a recent report from BanklessTimes, two-thirds of the top U.S. charities have started accepting crypto donations in 2024, resulting in over $2 billion in contributions.
The report highlights that 56% of the leading American non-profit organizations now enable crypto wallets and accept cryptocurrency donations. This trend signifies a significant move towards diversifying revenue sources and attracting a new base of donors.
One platform that has played a crucial role in facilitating crypto donations for charities is The Giving Block. Notably, 67.8% of charities that accept crypto contributions utilize The Giving Block as their platform for crypto funding. Since its inception, The Giving Block has facilitated over $2 billion in crypto donations, showcasing the increasing comfort of individuals in donating cryptocurrencies.
Prominent organizations such as Save the Children, World Vision International, Water Aid U.S., and the American Red Cross have joined the ranks of charities accepting crypto donations. In 2023, USDC was the most-donated cryptocurrency for the second year in a row, followed by ETH and BTC donations.
Jonathan Merry, CEO of BanklessTimes, commented on the trend, stating, “As the value of various digital assets skyrocketed in recent years, a new wave of crypto-affluent individuals emerged, eager to leverage their newfound wealth for charitable purposes.”
While accepting and donating cryptocurrencies offer several advantages such as lower fees and quicker processing times, there are also challenges associated with regulatory compliance and cybersecurity. Charities must navigate complex regulations and remain vigilant against cyber threats to protect against financial losses.
In addition to philanthropy, cryptocurrencies are also making an impact in politics. A well-funded political action committee (PAC) called Fairshake, backed by prominent figures in the cryptocurrency industry, has set its sights on key Senate races with the goal of influencing the balance of power in Congress. Leveraging substantial funding from the crypto industry, Fairshake aims to ensure that elected candidates advocate for much-needed regulations for the cryptocurrency industry.
With approximately 73% of US voters believing that presidential candidates should have an informed perspective on innovative technologies like cryptocurrency, the influence of digital assets in politics is expected to grow. As California voters who own cryptocurrencies are projected to have a significant impact on the 2024 elections, the intersection of crypto and philanthropy is shaping a new era of giving and political influence in the United States.
