Bitcoin (BTC) seems to have lost its feature of being the most donated cryptocurrency to this cryptocurrency. On the other hand, “crypto philanthropy” has exploded in 2021, according to a new report. For detailed information on the subject cryptocoin.comKeep watching.
Bitcoin has lost its crown to other crypto in this regard
Cryptophilanthropy exploded last year despite a lack of regulation, according to a company that helps nonprofits (non-governmental organizations) use cryptocurrency. In a new 2021 annual report, Giving Block says total donation volume last year exceeded $69.44 million, up 1,558 percent compared to 2020. The annual report examines fundraising data from over 1,000 charities that accept cryptocurrency donations through The Giving Block. Average donations on The Giving Block rose 236% to $10,455. Donation volume also increased in each quarter of 2021.
In addition, the company states that another crypto asset dethroned Bitcoin (BTC) as the donation of choice last year. The leading altcoin Ethereum (ETH) is the number two cryptocurrency after BTC by market cap. According to a widely-voiced debate in crypto circles, ETH is a coin that has the potential to replace Bitcoin in the future. The report states: “For the first time, Ethereum was the top donated cryptocurrency in 2021 with a total donation volume of $30.79 million through The Giving Block.” Bitcoin (BTC) was more than $25.88 million in donation volume. Dollar-pegged stablecoins USD Coin (USDC) and Dai (DAI) were the third and fourth most donated crypto assets last year, with volumes of approximately $4.7 million and $2.2 million, respectively. According to the report, about 85% of the total donation volume was donated in ETH, BTC and USDC. Giving Block also states that the non-refundable token (NFT) industry is a “major force” in philanthropy in 2021, contributing more than $12.3 million in donation volume.
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