New Pollfish And ETH-Based WeTrust Survey: Crypto Investors Are More Charitable Than Most
In the past twenty years, there has been a decline in the number of households within the US that have been giving to charity. But with the crypto market, it has been found in a new study that the crypto holders might be more likely to give than the average American. Thus, from the survey, it suggests that it is more common for the crypto users to be more philanthropically than the rest of the generation.
A mobile polling platform, Pollfish, together with WeTrust, which is a crowdfunding platform that has been based on the Ethereum, went ahead to report that out of 1,000 Americans only 63% of them had given a charitable donation using fiat in the past year.
Which is about 8% higher than the national average, where just about 55% of the households went ahead to give to charity, this is according to another research that was conducted by researchers from the University of Michigan.
The Pollfish survey was able to find about 77% of participants who had a few crypto coins were interested in making a donation, this is if it was possible to do with the crypto coin. And what was more interesting about the survey is that about 55% believed the crypto community could be more generous than the rest of the population.
There Is A Rise In Charities Accepting The Crypto Coins
With the surge that took place in the crypto market last year, it encouraged several long-term holders to start using their assets to be given to charity.
The Pineapple Fund, which has been considered to be one of the famous ones, is a charitable entry that is being run by the Bitcoin holders. And in mid-May is when the final donation was made, and with the Pine fund it was able to give about $55m that is worth Bitcoin, that was distributed to a number of charitable institutions.
In the past year, it has been found that a couple of charity institutions have been accepting the crypto coins as donations. This is including the Royal National Lifeboat Institution, which had started to receive bitcoins as donations in the summer.
Ever since 1970 is when Americans have been giving to charity progressively, apart from the financial crisis that was witnessed between 2007-2009, the amount that was being donated has been increasing year on. When the amount has been adjusted to the inflation rate, we can see that the amount has quadrupled, this is from $142bn back in 1977 to about $410bn in the year 2017.
But with this said, the actual share of charity giving population has drastically decreased since this new millennium, we are speaking from the highs of 68.5% back in 2002 to about 55.5% in the year 2014. The drop in income levels together with the recession being experienced could be the reason behind the cut in the amount of money been given to charity.
With how the market has been operating, this amount might even decrease further.
Why Is There More Donation In The Crypto Community?
It is clear that the virtual assets are able to offer more advantages than the fiat currency. With virtual currency your transactions don't need to be approved or processed by a centralized institution, sending money is much cheaper. Therefore, with all this, it makes it much easier for the donations to be made especially those working in the oppressive regimes.
Not forgetting, for the long-term crypto holders have also been blessed with some good luck, as we can see the value of virtual assets has been increasing, and in the last decade bitcoin has been the best performing coin in the crypto market.