According to The Giving Block’s 2023 annual report titled “Crypto Philanthropy Data, Trends & Predictions,” the platform has seen a surge in crypto donations. Moreover, all-time donations exceeded $125 million in 2022.
In addition, the report predicts that the crypto charity platform could surpass $1 billion in August 2027, reaching $5 billion in June 2031, and exceed the $10 billion mark in November 2032.
Data collected by The Giving Block shows that donations in the form of cryptocurrencies are set to go over $10 billion within the next decade. USDC accounted for 44% of the crypto donation volume on the platform in the last year, followed by ETH at 24% and BTC at 17%.
The report’s predictions are based on the platform’s data on crypto donations and its analysis of Bitcoin’s potential price trajectory. The Giving Block predicted that BTC may reach $100,000 in September 2026 and $250,000 in October 2029.
The charity project also highlighted the most used cryptocurrencies in donations within the annual report. USD Coin was the most popular crypto used for donations, accounting for 44% of the volume, while Ether followed suit with 24%, and BTC used for 17% of the donations.
Ethereum co-founder Vitalik Buterin made the largest crypto donation of the year, giving $9.4 million through Balvi, his philanthropic fund.
Some may wonder where the donations go as charities and crypto donations grow.
The Giving Block shared six charities that benefited from crypto donations in 2022. That includes the orangutan preservation project Orangutan Outreach, which cares for orphaned and displaced orangutans. There’s also the regenerative agriculture nonprofit Trees for the Future, which managed to plant 2.3 million trees because of the crypto donations they received.
In conclusion, The Giving Block’s annual report highlights the significant rise in crypto donations on its platform and predicts that its total donations could exceed $10 billion by 2032.
With the increasing popularity of crypto donations, it is crucial to support the transparency and accountability of charitable organizations to ensure that the donations are going toward their intended purposes.
The post Crypto Donations on Track to Reach $10 Billion in the Next Decade appeared first on CryptoMode.
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