Five reflections from #CryptoGivingTuesday
This #CryptoGivingTuesday was truly one to remember as more donors than ever came out and donated their hard earned crypto to support a variety of worthy charitable causes. What also made the day special was the incredible engagement around crypto giving, which painted a clear picture that it is here to stay and is in the mainstream.
#CryptoGivingTuesday truly left us inspired, and here are five reflections we had following this amazing day.
1. Crypto giving is bigger than ever
According to The Giving Block, a total of $2.4 million USD worth of cryptocurrency was donated this #CryptoGivingTuesday. This doesn’t account for donations made directly to non-profits, or through other crypto giving platforms. What was truly inspiring, however, was the engagement around #CryptoGivingTuesday online, as non-profits, donors, and collectives shared their vision for the day, and the role that crypto giving can play in the broader social impact space.
2. Crypto donors are very generous
We’ve always known how generous cryptocurrency donors are. A recent article found that almost half of cryptocurrency owners donated $1,000 or more to charity in 2020, compared to only about one third of the investor population as a whole.
This was only reinforced during #CryptoGivingTuesday with those in the crypto community coming out in droves to support their favourite charitable causes. In fact, according to The Giving Block. The average crypto gift on #CryptoGivingTuesday was a whopping $12,600 USD, or 98.4x higher that the non-profit industry’s average donation size.
3. Crypto Giving is becoming more collaborative
With a growing number of Crypto organizations supporting #CryptoGivingTuesday, such as Coindesk, Bitcoin Magazine, Gemini, and even the r/bitcoin subreddit, there is a growing number of collaborative efforts to support non-profits accepting cryptocurrency donations.
This #CryptoGivingTuesday, we also saw the launch of a collaborative crypto fund, an innovative way to help crypto donors expand the reach of their donation. A collective of non-profits from Texas launched the Give Big Texas Crypto Fund, which enabled donors to support 12 non-profits in Texas with one cryptocurrency donation, including Austin Pets Alive!, Big Brothers Big Sisters Lonestar, Catholic Charities of Central Texas, Feeding Texas, Keep Texas Beautiful, Latinitas, National Alliance on Mental Illness TX, Project Transitions, Texas Blockchain Council, Texas Network for Youth Services, Texas Suicide Prevention Collaborative, and Upbring .
4. There is growing diversity in the crypto giving space
Seeing the diversity of non-profits accepting cryptocurrency donations was truly amazing! This year, 1007 non-profits participated through The Giving Block, up a whopping 839% from the year before. This includes organizations supporting gender inclusion, justice and rights for Black Americans, refugee empowerment, and more. Whereas crypto giving used to be a super niche market, with a modest number of organizations accepting donations, this is certainly not the case any more.
5. Crypto giving is here to stay
This #CryptoGivingTuesday sent a very clear message to the charitable giving sector: Crypto giving is here to stay. With over $2.4 million USD in donations raised through The Giving Block alone, in addition to a growing number of charities accepting crypto donations, a very clear message was sent that its time for non-profits to get on board with crypto donations, and that crypto giving will dominate the space in the not-so-distant future.
What are your reflections from #CryptoGivingTuesday? What are your thoughts on the future of crypto giving? Tweet us @Crypto_Altruism, we’d love to hear from you!
