Crypto Philanthropy: 2021 in Review
Hold onto your wallets, folks! It seems like 2021 was a stunning breakthrough for cryptocurrency donations, leapfrogging from a modest $4.2 million in 2020 to a jaw-dropping $69.6 million in just a year. That’s a leap that looks like it was powered by some serious bull market energy, with a whopping increase of 1,558%. Suddenly, donating crypto has become the new hot trend, and it’s not just your quirky uncle’s way of supporting cat memes anymore.
Big Bucks: Why Crypto Donations Are Here to Stay
In 2021, the average size of a crypto donation skyrocketed to $10,445, a 236% increase compared to the previous year. To put that in perspective: the average cash donation in 2021 was just $128. In the world of charitable giving, crypto donors are essentially showing up to potlucks with gourmet dishes while cash donors bring stale chips. Talk about a glow-up!
Timing is Everything: The Donation Boom
Looking at the timeline, the last four months of 2021 were a veritable donation fiesta. January started off with a humble $300,000. By December, we were toasting to a staggering $20 million in donations. In fact, 42% of all crypto donations occurred in just November and December. What can we say? December and generous holiday spirits go together like crypto and volatility.
Crypto’s Rising Star: The Favorite Coins of Donors
It’s not just about how much, but also about what coins are being tossed into the donation basket. A whopping 70 different cryptocurrencies were used for donations, with Ether coming in hot as the top choice, followed closely by Bitcoin and USD Coin. And here’s the kicker: 85% of all donations were made in these three heavyweights! It seems like everyone is hopping on the crypto train — just make sure you don’t forget your ticket!
Global Impact: Cryptocurrency Beyond the Borders
The surge in crypto philanthropy also reflects a shifting perspective on how funds can be transferred across the globe, seamlessly and, in some cases, anonymously. Countries in revolt, such as Myanmar, have declared Tether (USDT) as their local currency of choice, while Bitcoin even made headlines during protests in Hong Kong. Talk about the rise of digital currency as a tool for change! It’s like Robinhood, but with blockchain and less lycra.
Final Thoughts: The Future of Donations
With over 1,000 nonprofits now accepting cryptocurrencies by the end of 2021, it’s clear that crypto’s role in philanthropy isn’t just a fad; it’s becoming an integral part of charitable giving. As the year rolls on, we can only imagine how these figures will continue to climb. Maybe your next generous deed could break the internet — one Bitcoin at a time!
