Crypto philanthropy held strong in 2022, even as top cryptocurrencies like Bitcoin saw their valuations decrease dramatically. In 2022, crypto donors collectively gave via The Giving Block platform $172 per every dollar in Bitcoin’s market value — a 41% increase compared to the same figure for 2021.
Over the past three years, the growth of crypto giving at The Giving Block has outpaced the performance of the cryptocurrency markets, increasing steadily in proportion to the price of Bitcoin, the leading cryptocurrency, according to data from the firm. Bitcoin hit a 52-week low of $15,480 and 52-week high of $47,706.32. Its all-time high is $69,990.90 per coin.
The data was released via the platform’s 2023 Annual Report on Crypto Philanthropy.
Donations since the platform’s inception show Ethereum at $44,594,831, Bitcoin at $39,271,045 and USD Coin at $27,442,333. USD Coin is a digital currency that is fully backed by U.S. dollar assets. It is a tokenized U.S. dollar, with the value of one USD Coin pegged 1:1 to the value of one U.S. dollar. The value of USD Coin is designed to remain stable, making USDC a stablecoin. Bitcoin and Ethereum are not backed by any other assets.
Other data from the platform report includes:
* The average crypto donation was nearly 31 times larger than the average online gift size in the nonprofit sector ($204).
* The crypto community grew substantially in 2022 despite the market, as more investors are opening crypto accounts, and more developers are building on the protocols.
* Crypto donors supported all key cause areas, such as humanitarian aid, mental health, children and youth, disaster and conflict relief, animal rescue and rehabilitation, and many more.
* USD Coin emerged as the leading crypto donation option for the first time at 44% of total volume
* The largest crypto donation of the year was $9.4 million and was donated by Ethereum co-founder Vitalik Buterin through his philanthropic fund, Balvi
Authors of the report projected that “crypto philanthropy has become a springboard for modern philanthropy and will play a critical role in nonprofits keeping up with a changing donor landscape.” The authors did concede that “after what we’ve seen with the FTX fallout, mainstream crypto adoption hinges on good individuals and companies partnering with trusted nonprofits to change the narrative and remind the world that crypto is a force for good.”
The Giving Block’s full 2023 Annual Report is available here. To donate, please visit https://thegivingblock.com/donate/
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