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There has not been much good news lately with prices on a downward spiral. Even with an overnight surge, no one knows for sure if the crypto has hit rock bottom yet. So it may come as a surprise that even when crypto HODLers are bleeding wealth, they're still in a giving mood. According to a survey by WeTrust, as much as 77 percent of crypto holders are interested in making charitable donations.
Perhaps it's the holiday spirit, the fact that giving away some ETHs today does not come with such a high price tag, or maybe it's for tax reliefs. It could also be that the crypto community is largely made up of millennials, and this generation simply likes to give charity reasons.
Whatever the reason, the 1,000 US-based crypto holders surveyed by WeTrust revealed that they want to give good reasons. And the majority already has.
The most surprising stat of all? 79 percent would rather donate their virtual cash than buy a Cryptokitty. It seems we're not such a dreadful bunch of renegades after all.
Some of the Major WeTrust Survey Findings
- 90.5 percent had already made at least one crypto donation to a charitable cause
- 77 percent are interested in making more crypto donations to a cause that aligns with their values
- 55 percent say that the crypto community is "more generous" than the rest of the population
- 62 percent believe that all charities should accept crypto donations as a simpler and more efficient way to raise funds
- The number of crypto holders interested in buying a CryptyKitty is still pretty high (71 percent), but that is outstripped by those who would rather donate to non-profit at 79 percent
What Types of Causes Interest Crypto Holders?
When it comes to the types of charities, there is a wide variety. The causes that resonate most highly with the crypto community are children's issues at 49 percent and homelessness-42 percent. Animals (real ones) also take a high place in the list at 38 percent.
One key, however, is the takeaway from the findings Most crypto holders feel that charities are not doing enough to reach the would-be crypto donors. More than half (54 percent) of respondents said that it is difficult to find good, charitable reasons that accept crypto. And it's even harder to find those who actually fulfill their promises.
In Honor of Giving Tuesday
WeTrust is a blockchain company that allows crypto holders to donate ETH directly to nonprofits. It commissioned the poll by Pollfish in honor of Giving Tuesday, November 27. Its newest platform, WeTrust Spring accepts cryptocurrency donations in Ethereum, although the company plans to roll it out to other cryptocurrents in the future.
Notably, among the WeTrust advisors are Ethereum founder Vitaly Buterin, and Professor of Cornell University and ICM Co-Director Emin Gün Sirer. Alongside Pollfish, a market research company that uses advanced techniques, including machine learning and programmatic delivery, they were able to achieve accurate results with advanced fraud protection.
The Rise of Charitable Donations through Crypto
Crypto donations are especially popular with the millennial generation. This is no surprise. They are tech-savvy, shorter on time and look for more ways to donate than generations before them.
With more than 1.5 million non-profits registered in the States alone, it can be difficult for charities to compete for donor attention. Most peoples' top-of-mind charities are the ones that can afford to spend money on advertising. The well-known organizations that can infiltrate donors' awareness through television or billboard promotions.
Charities in this competitive landscape need to make it as easy as possible for people to donate and accepting crypto is a great way to separate themselves from the pack.
For non-profits interested in accepting crypto donations, they can check out the WeTrust Spring platform here. And for those who would rather take donations in Bitcoin, there are other platforms available to help them with this including BitGive and bithope.
The main thing for social entrepreneurs to take away from this survey is that their largest demographic is also the most involved in the crypto. They should make it as easy and as transparent as possible for people to donate with the cryptocurrency of their choice-and see the benefits of their donations.
Featured image from Shutterstock.
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