The Giving Block Compiles Facts about Crypto Donations in the Next 10 Years
A study has been finalized and subsequently issued by an entity called “The Giving Block”. The report is named “Crypto Philanthropy Data” which is the annual report of The Giving Block for the year 2022.
In this report, The Giving Block has noted that 44% of overall crypto donations in 2022 were comprised of stablecoin namely USDC. This means that the USDC was the top choice among the people who wanted to contribute to the noble causes.
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It is surprising to see that despite being the largest crypto with the largest market valuation, Bitcoin came in at number three being the most used crypto for donations.
The Giving Block, which is known for philanthropy work, has been collecting crypto donations as one of its business activities.
The charitable organization is of the view that in the course of the next 10 years, crypto donations would exceed $10 Billion.
This is a huge figure in terms of donations and given the fact that the crypto industry is still considered a toddler among other online trading assets.
As per the annual report of The Giving Block, crypto donations accounted for over $125 Million in the previous year.
In the estimate of The Giving Block, by the year 2027, crypto donations are likely to go past $1 Billion.
Similarly, by the year 2031, crypto donations would be over $5 Billion and then $10 Billion at the bottom of 2032. The analysts are confident that the crypto industry is going to make it through the most difficult times and its value may surge tremendously.
This is the reason why donations would also rise through cryptocurrencies in the upcoming years.
These predictions have been made by The Giving Block after a thorough analysis and examination of Bitcoin’s past and present price trajectories.
Bitcoin’s Future Value Predictions by The Giving Block
It has been suggested by The Giving Block that by the year 2026, Bitcoin’s price would go higher than $100,000.
By the time Bitcoin would reach 2029, its price would soar above $250,000, suggests The Giving Block in its annual report.
Mostly Used Cryptocurrency For Crypto Donations
The annual report of The Giving Block also compiled data about the most used cryptocurrency for donations in 2022.
The Giving Block’s study revealed that USDC was the top cryptocurrency used in crypto donations in 2022. USDC was then followed by Ethereum and Bitcoin respectively in terms of crypto donations.
While USDC’s donations were recorded at a whopping 44%, Bitcoin’s and Ethereum’s contributions were less than 17% and 24% respectively.
Amongst the biggest individual donors in 2022, Vitalik Buterin i.e. the founder of the Ethereum blockchain notably came out on the top.
According to The Giving Block’s annual report, Buterin’s crypto donations accounted for more than $9 Million.
Buterin sent these funds from his special purpose-built entity dedicated to charitable purposes namely ‘Balvi’.
Crypto Donations’ Future Outcome
Undoubtedly, crypto donations are increasing extensively which concerns many as to where all these funds would go to in the future.
However, as per the annual report, 2022’s biggest receivers of crypto donations were mainly six organizations.
These organizations included orphanages, preservation projects (mainly Orangutan Outreach), and green environment projects.
Thanks to the crypto industry, the world is now indebted to over 2.3 million fresh plants and trees. All of them have been planted from the funds sent in crypto donations.
On the state level, Ukraine was at the top in receiving most of the crypto donations in 2022. Later quake-torn Turkey and Syria started to receive aid in crypto donations which were and are coming from the entire world.
There is hence a huge scope ahead for crypto donations. Also considering the macroeconomic conditions which are prevailing, there is every likelihood of a substantial increase in crypto donations in the future.