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Cryptocurrency donations to charities have skyrocketed this year, especially during the holiday season.
According to The Giving Block, its cryptocurrency donation and fundraising platform for NGOs and individuals reported a 583% increase in digital asset donations in 2021 compared to 2020.
This year’s Crypto Giving event raised $ 2.4 million with an average donation of $ 12,600, up 20% from the previous year.
It is curious that Ethereum (ETH) overtook bitcoin and took first place in terms of total donations: in total, more than $ 1.2 million of ether were donated. The amount in bitcoins was $ 885,000.
In general, the results of The Giving Block event were considered positive, as stated by The Giving Block co-founder Pat Duffy:
This day inspired us to communicate with wealthy sponsors, companies and projects who want to give gifts.
The total number of nonprofit organizations participating was 1,017, up 839% from the turnout in 2020. This may be due to the fact that selling cryptocurrencies for charity allows investors to avoid paying capital gains tax.
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