Charities see more crypto donations. Who is benefiting?
As the biggest cryptocurrencies flirt with record high values, they're increasingly becoming bigger sources of revenue for charities. However, the number of charities accepting the virtual currencies, known for their volatility, remains limited.
Bitcoin, the world's largest cryptocurrency, hit nearly $69,000 for the first time in its history last week, roaring back after sinking below $30,000 during the summer. The value of ethereum, the second biggest cryptocurrency, also hit a record high.
Both cryptocurrencies have dropped from their record levels after helping push the overall market cap of cryptocurrencies past $3 trillion, according to CoinGecko pricing. As of Monday morning, CoinMarketCap, another popular measure, listed the market cap at $2.8 trillion.
So far this year, Fidelity Charitable, the nation’s largest grantmaker, has received more than $274 million in cryptocurrency contributions — nearly quadruple its prior record of $69 million in 2019, according to a company spokesperson. And the cryptocurrency donation platform Engiven said last month it accepted what it called the largest single Bitcoin donation known to date: a $10 million Bitcoin gift to an undisclosed faith-based organization.
Read more: https://mohavedailynews.com/news/135700/charities-see-more-crypto-donations-who-is-benefiting/
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