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Even with the Market Crash, Crypto Holders Are Still Giving


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There hasn’t been much good news lately with prices on a downward spiral. Even with an overnight surge, no one knows for sure if crypto has hit rock bottom yet. So it may come as a surprise that even when crypto HODLers are bleeding wealth, they’re still in a giving mood. According to a survey by WeTrust, as much as 77 percent of crypto holders are interested in making charitable donations.

Perhaps it’s the holiday spirit, the fact that giving away a few ETH today doesn’t come at such a high price-tag, or maybe it’s for tax reliefs. It could also just be that the crypto community is largely made up of millennials and this generation simply likes giving to charitable causes.

Whatever the reason, the 1,000 US-based crypto holders surveyed by WeTrust revealed that they want to give to good causes. And the majority already has.

The most surprising stat of all? 79 percent would rather donate their virtual cash than buy a Cryptokitty. It seems we’re not such a deranged bunch of renegades after all.

CryptoKitties Honu Kitty

Some of the Major WeTrust Survey Findings

  • 90.5 percent had already made at least one crypto donation to a charitable cause
  • 77 percent are interested in making more crypto donations to a cause that aligns with their values
  • 55 percent say that the crypto community is “more generous” than the rest of the population
  • 62 percent believe that all charities should accept crypto donations as an easier and more efficient way to raise funds
  • The number of crypto holders interested in buying a Cryptykitty is still pretty high (71 percent), but that is outstripped by those who would rather donate to a non-profit at 79 percent

What Types of Causes Interest Crypto Holders?

When it comes to the types of charities, there is a wide variety. The causes that resonate most highly with the crypto community are children’s issues at 49 percent and homelessness–42 percent. Animals (real ones) also take a high place on the list at 38 percent.

One key takeaway from the findings, however, is that most crypto holders feel that charities aren’t yet doing enough to reach would-be crypto donors. More than half (54 percent) of respondents said that it’s hard to find good charitable causes that accept crypto. And it’s even harder to find ones that actually fulfill their promises.

In Honor of Giving Tuesday

WeTrust is a blockchain company that allows crypto holders to donate ETH directly to nonprofits. It commissioned the survey by Pollfish in honor of Giving Tuesday, November 27. Its newest platform, WeTrust Spring accepts cryptocurrency donations in Ethereum, although the company has plans to roll this out to other cryptocurrencies in the future.

Notably, among the WeTrust advisors are Ethereum founder Vitalik Buterin, and Cornell University professor and IC3 Co-Director Emin Gün Sirer. Alongside Pollfish, a market research company that uses advanced techniques including machine learning and programmatic delivery, they were able to achieve accurate results with advanced fraud protection baked in.

The Rise of Charitable Donations through Crypto

Crypto donations are particularly popular with the millennial generation. This is no surprise. They are tech-savvier, shorter on time and look for easier ways to donate than generations before them.

With more than 1.5 million non-profits registered in the States alone, it can be hard for charities to compete for donors’ attention. Most peoples’ top-of-mind charities are the ones that can afford to spend money on advertising. The well-known organizations that can infiltrate donors’ consciousness through television or billboard promotions.

Charities in this competitive landscape need to make it as easy as possible for people to donate and accepting crypto is an excellent way of separating themselves from the pack.

For non-profits interested in accepting crypto donations, they can check out the WeTrust Spring platform here. And for those who would rather take donations in Bitcoin, there are other platforms available to help them with this including BitGive and bithope.

The main thing for social entrepreneurs to take away from this survey is that their largest demographic is also the most involved in crypto. They should make it as easy and as transparent as possible for people to donate with the cryptocurrency of their choice–and see the benefits of their donations.

Featured image from Shutterstock.

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Yet, upon its launch, the performance of Amun’s crypto foray was lackluster at best, dismal at worst. Interest In Switzerland Multi-Crypto ETP Surges As reported by NewsBTC, HODL5, while the most-traded ETP on SIX, saw little-to-zero interest during its first day on public markets, posting an insignificant $400,000 in volume. Such a figure was, of course, a far cry from the millions in volume that optimists were clamoring for. Many chalked up the fleeting interest to a number of factors, namely the fact that SIX has only been classified as Earth’s 13th largest stock exchange, posting a market capitalization of $1.6 trillion, a mere seven percent of the S&P 500. Industry analysts and commentators looking to find a rationale behind the lack of volume aimed their scopes at other nuances. Some attributed the HODL5’s initially scant volume to Amun’s inability to captivate the business and wallets of SIX’s institutional clients, the vehicle’s targeted constituency. Moreover, these skeptics added that such market participants didn’t believe that the crypto market was poised to reverse its multi-month downtrend. However, with a recent tweet from Su Zhu, the chief executive and investment officer at Singapore-based Three Arrows Capital, Amun’s fortunes may actually be turning for the better, despite the further decline in the Bitcoin price. On Thursday and Friday of last week, as BTC freefell to establish a year-to-date low in the $3,200 range, Switzerland’s only ETP surprisingly saw record-breaking volumes, which followed weeks of relative inactivity and mundane action. In fact, Thursday saw traders exchange 53,233 HODL5 shares, and 62,986 on the following day, which amounts to approximately $1.3 million at current prices. This, of course, was a far cry from the 27,244 shares traded throughout the product’s inaugural session. Last Thurs and Fri we broke volume records again on the Swiss HODL ETF with 53,233 shares and 62,986 shares traded respectively. That coincided with the dip in BTC to 3.2k and ETH to near 80. The correlation between volume and price continues to be very strong at (-68%). https://t.co/Meuaa9MXCV — Su Zhu (@zhusu) December 11, 2018 In a subsequent tweet, the crypto-friendly Three Arrows Capital executive explained that there is a “very strong” correlation between volume in price, whereas HODL5 trading surges amid crypto’s incessant stream of strong drawdowns. Case in point, when ETH neared $80 and BTC neared $3,200 on December 7th, SIX processed record volumes as aforementioned. 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Extensive research recently completed by Diar, a leading crypto-centric data analytics unit, has revealed that the amount of ETH that Ethereum’s top 500 wallets have held has risen by 80% in 2018 alone. To put this growth into perspective, on January 1st, whales kept 11 million Ether under lock and key, as of November 30th, the same group of wallets held 20 million. Although conclusions cannot be drawn from this statistic, optimists have exclaimed that whales are heavily betting on a market turnaround. Still, not all pundits are entirely convinced that this nascent market has found itself at a long-term bottom. Michael Bucella of BlockTower Capital recently told CNBC’s Fast Money panel that Bitcoin has yet to undergo its last leg lower, which will mark the end of crypto’s near-year-long “distress cycle.” Related Reading: Interview: Stephen Innes Says Crypto, Bitcoin to “Grind Higher” Over Next Decade Featured Image From Shutterstock The post Amun’s Crypto ETP Volume Spikes: Sign Of Bitcoin Accumulation? appeared first on NewsBTC.

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