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Crypto Donations Skyrocketed In 2021
by The Nonprofit Times on February 10th, 2022

It was a big year for cryptocurrency when it came to philanthropy in 2021, with
all signs pointing up. The annual volume of crypto donations and average
donations all soared in 2021, according to an annual report by The Giving Block,
a Washington, D.C.-based firm that helps nonprofits accept donations of
cryptocurrency.

The annual volume of crypto donations jumped from $4.2 million in 2020 to $69.6
million in 2021, an increase of 1,558%, according to the annual report. The
average crypto donation was $10,455, up 236% from $3,109 in 2020. On average,
nonprofits received $69,644 in crypto donations in 2021, via The Giving Block,
an increase of 66% from the average $44,000 in 2020.

Some $30.79 million in donations was given via Ethereum (ETH), which surpassed
Bitcoin (BTC) ($25.88 million) as the most popular cryptocurrency for the first
time. Combined, the two cryptocurrencies accounted for 78% of the donations on
The Giving Block (42%, ETH/36%, BTC). Stablecoins, like USD Coin (USDC), which
accounted for 7% of gifts, and Dai (DAI), were among cryptocurrencies with the
highest donation volume.

Non-fungible token (NFT) philanthropy emerged, with more than $12.3 million
donated from verifiable NFT projects, artists, and platforms.

Monthly donation volume via The Giving Block’s widget jumped from about $300,000
in January to $20 million in December. The report explains that could be a
reflection of growth of the overall cryptocurrency market cap over the course of
the year, as well as a growing number of nonprofits that began accepting
cryptocurrency donations. The number of nonprofits accepting crypto donations on
The Giving Block grew from about 100 to more than 1,000 organizations in the
past year.

December also is typically the biggest month for most any nonprofit fundraising
and The Giving Block aimed to raise $50 million via #CryptoGivingTuesday.

Likewise, the average donation varied, from $1,500 in January to $10,000 in
December, but it was the final four months of the year when giving jumped.
Donors gave the highest monthly totals of donations and the highest monthly
donation volume by cash volume, according to the report. Half of the $69 million
in donations last year came in November and December. By quarter, crypto
donation volume increased from $1.69 million in Q1 to $43.1 million in Q4, or
roughly 62% of the volume for all of 2021.

Among the trends cited in the report was cryptocurrency users donating to
cause-related funds, which distributed donations evenly to the multiple
nonprofits participating in the funds. More than 100 leaders in the crypto
philanthropy space – both individuals and companies – took The Crypto Giving
Pledge, a commitment to donate 1% or more of their crypto gains to charity each
year.

What gains look like in the future remains to be seen but it’s been a rough
start to 2022 for cryptocurrency, as it has for stock markets. BTC opened the
year valued at more than $46,000, dipped about 34% to $35,000 during January,
and was valued at about $37,000 in early February. At $2,700, ETH is down about
27% from the $3,700 at the beginning of the year.

The Giving Block’s complete 2021 annual report is available here.

 

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