Crypto Donations to Exceed $10 Billion in a Decade
Jessie A Ellis Mar 31, 2023 08:36
The Giving Block's annual report predicts that crypto donations will surpass $10 billion by November 2032, with USD Coin being the most popular cryptocurrency used in donations. Ethereum co-founder Vitalik Buterin holds the record for the largest crypto donation of the year, giving $9.4 million through his philanthropic fund.
Data collected by The Giving Block, a crypto charity platform, has revealed that cryptocurrency donations are set to exceed $10 billion in the next decade. The Giving Block's 2023 annual report, titled "Crypto Philanthropy Data, Trends & Predictions," shows that all-time crypto donations on the platform surpassed $125 million in 2022. The platform predicts that it could top $1 billion by August 2027, reaching $5 billion in June 2031, and exceeding the $10 billion mark in November 2032.
The Giving Block based its predictions not only on the data available from its platform but also on its analysis of Bitcoin's (BTC) price trajectory. The platform predicts that BTC may reach $100,000 in September 2026 and $250,000 in October 2029.
The report also highlights the most popular cryptocurrencies used in donations and the largest crypto donation of the year. USD Coin (USDC) accounted for 44% of the volume, with Ether (ETH) following closely behind with 24%, and BTC with 17% of the donations. Meanwhile, Ethereum co-founder Vitalik Buterin holds the record for the largest crypto donation of the year, giving $9.4 million through Balvi, his philanthropic fund.
As the popularity of crypto donations grows, some may wonder where the donations go. In 2022, The Giving Block shared six charities that benefited from crypto donations, including Orangutan Outreach, which cares for orphaned and displaced orangutans, and Trees for the Future, a regenerative agriculture nonprofit that managed to plant 2.3 million trees from the crypto donations it received.
The Giving Block's annual report sheds light on the growing trend of using cryptocurrencies for philanthropic purposes. The report's predictions suggest that crypto donations are here to stay and will continue to grow in popularity over the next decade. With more individuals and organizations embracing cryptocurrency, it is likely that the total amount of crypto donations will exceed $10 billion by November 2032.
Furthermore, the report highlights the most popular cryptocurrencies used in donations, with USDC emerging as the most favored. The report also emphasizes the role of Ethereum co-founder Vitalik Buterin in the crypto philanthropy space, setting an example for others to follow with his $9.4 million donation.
As crypto donations continue to gain traction, it is essential to know where the funds are going. The Giving Block's report lists several charities that have benefited from crypto donations, demonstrating the potential impact of crypto philanthropy. The report also highlights the positive effects of crypto donations, such as the planting of millions of trees by Trees for the Future, showcasing the ability of crypto donations to make a significant difference in the world.
In conclusion, The Giving Block's annual report predicts a bright future for crypto philanthropy. With the increasing popularity of cryptocurrencies and more individuals and organizations embracing them, it is likely that crypto donations will continue to grow over the next decade, with the total amount exceeding $10 billion by November 2032. As more charities benefit from crypto donations, the positive impact of crypto philanthropy will continue to grow, helping to create a better world for all.
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