Tannuka Juneja
Advocates for cryptocurrency philanthropy are expecting a boom in donors in 2022. Cryptocurrency has taken the world by storm, and now many people have turned to digital currency to both grow and manage their finances. Crypto is also being used as a way for people to donate to causes they deem worthy. The New York Times pointed out how anonymous donors are now using crypto channels to show their support, indicating that cryptocurrency is “now as acceptable for donations as stocks, bonds, real estate, and other investments.”
There was a 583% increase in digital asset donations in 2021 compared to 2020 on Crypto Giving Tuesday, a campaign started by The Giving Block, a crypto donation and fundraising platform for nonprofits and individuals. Crypto Giving Tuesday was held 30 November 2021, the year’s biggest one-day celebration for crypto fundraising and giving. On Crypto Giving Tuesday 2021,the Washington-based company processed $2.4 million in gifts, with an average donation of $12,600, according to the company.
According to a survey conducted by Give.org, a substantial majority of Americans across all age groups are concerned about data privacy when it comes to philanthropy. Crypto donations mitigate this fear by allowing donors to give directly to an organisation without sharing their personal information. Cryptocurrency also allows transfers to be anonymous and can be conducted from anywhere to anywhere around the globe.
“The social sector emerged stronger in 2021 as a direct result of resilience, innovation, and a willingness to try something new,” said Soraya Alexander, COO, Classy. “Nonprofits that stepped outside of traditional donation methods to create donor-first experiences excelled. For example, our customers who adopted Classy Pay with PayPal have seen remarkable results, including a 30% increase in donation size compared to credit cards.” Classy is a donation platform that enables nonprofits to connect supporters with the causes they care about.
