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US Charities Embrace Crypto Contributions
Leading charities in the United States are increasingly embracing crypto contributions amid the growing adoption of digital assets. According to a recent report, two-thirds of the top U.S. charities have started accepting crypto contributions in 2024, resulting in over $2 billion in donations.
Acceptance of Cryptocurrency Donations
- 56% of the leading American non-profit organizations now enable crypto wallets and accept cryptocurrency donations.
- 67.8% of charities that accept crypto donations utilize The Giving Block as their platform for crypto funding.
Since its inception, The Giving Block has facilitated over $2 billion in crypto contributions, highlighting the increasing comfort of individuals in donating cryptocurrencies. Prominent organizations such as Save the Children, World Vision International, Water Aid U.S., and the American Red Cross have joined the ranks of charities accepting crypto donations.
Popular Cryptocurrencies Donated
USDC was the most-donated cryptocurrency in 2023 for a second year in a row. ETH donations came in second this year, with BTC donations just behind in third place. Other notable mentions include USDT, GALA, SOL, and more.
Advantages and Challenges of Crypto Donations
Accepting and donating cryptocurrencies presents several advantages and opportunities for both donors and charities. For charities, crypto transactions offer lower fees and quicker processing times compared to traditional financial systems. This convenience extends to donors, who can contribute to causes from the comfort of their own homes.
However, there are challenges associated with crypto donations, including navigating regulatory compliance and remaining vigilant against cyber threats that could lead to significant financial losses.
Crypto Use in Politics
Aside from its growing use in philanthropy, cryptocurrencies are also used to influence politics. A well-funded political action committee (PAC) backed by prominent figures in the cryptocurrency industry has set its sights on key Senate races with the goal of potentially shifting the balance of power in Congress.
The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California, aiming to ensure that candidates elected will advocate for much-needed regulations for the cryptocurrency industry.
Approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency, indicating the growing importance of these topics in political discussions.