Bitcoin (BTC) Accounts for Under 2% of Total NGOs Payments: Global NGO Tech Report
In the 2019 research report of the annual Global Non-governmental Organizations (NGOs) Technology Report, Bitcoin (BTC) and other cryptocurrencies ranked poorly as a payment option across the 5,352 institutions in 194 countries sampled. The report focuses on the overall use of technology across NGOs globally to offer services, payment options, and network across their industry and with sponsors.
Bitcoin Payments Below 2% of Total Payments
The adoption rate of BTC as a payment channel is still low across NGOs, the report states. With over 85% of the NGOs worldwide offering online payment channels for fundraising purposes, only 2% of these choose BTC as a means of payment. A huge chunk of the sponsors still use legacy financial payment options such as credit and debit cards, bank transfers, and PayPal to contribute to the NGOs.
Despite the high volumes exchanged across the platform this year and a price increase of over 150% since Jan 1, Bitcoin is yet to grow as a global currency payment option. In the past 24 hours, over $300 million USD worth of Bitcoin has been transacted, representing a 90% drop in volume transacted since hitting a monthly peak of $3 billion USD daily volume of transactions.
Data from Blockchain.com
Africa leads in Bitcoin payments
According to the Global NGO tech report, Africa leads in the number of Bitcoin payments to NGOs registering 5% of payments. Africa’s digital payment systems are growing at a magnificent pace with developments such as mobile money payments spreading across the continent like wild fire. Crypto payments to NGOs in the region rank higher than other regions in the world which conventionally process about <1% to 3% in virtual currency payments.
The report also highlights the growth of legacy digital payments across the continent. It states,
“64% of NGOs in Africa accept credit card payments on their website, up from 50% in 2018. 28% accept mobile money and 5% accept cryptocurrency—both are higher rates than any other region.”
Bitcoin Rough Patch
Since hitting a yearly high of $13,700 USD in June, Bitcoin’s journey has not been so positive. A number of governments across the world including Hong Kong’s latest crypto regulations are looking to regulate the use of cryptos across their jurisdictions as they fear a case of failing monetary policy.
Furthermore, the institutional interest seems to be plummeting as the regulation uncertainties on the industry persists. According to BakktBot, a twitter page dedicated on Intercontinental Exchange’s, Bakkt, showed a slow start to BTC Futures trading volume with only 72 BTC traded in the first 24 hours. Since the launch the volume has not been promising with less than 50 BTC traded daily in the past 72 hours.