The crypto market crash caused massive bleeding this year leaving investors and hodlers with devalued coins. Even though this is bad news for many in the community, a recent suevey has shown that most hodlers are interested in giving to charities.
The survey conducted by WeTrust shows that 77 percent of hodlers are interested in giving to charitable causes. This may be due to the fact that giving out some ETH is no longer equivalent to doling out a lot of cash as may have been the case a year ago.
Millenials Are More Generous Than Older Generation?
It may also be that people are already in the holiday mood prompting altruism in them or perhaps most hodlers are milennials which are known to have inclination towards giving than the older generation. Whatever the case, majority of 1000 US based hodlers said they are ready to make donations this season.
Further details of the study shows 79 percent saying they would rather donate their coins than purchase the popular Cryptokitty.
90 percent have made at least one crypto donation to charitable causes. Though analysts may interprete this to mean that hodlers are generous people, it may simply be that these have seen themselve become instant millionaire just for hodling that they feel inclined to give back to the society.
77 percent are eager to make donations if the need aligns with their personal values. Interestingly, 55 percent are of the opinion that the crypto community is more generous than the rest of the society.
More Charities Should Accept Crypto
Other details of the survey showed 62 percent agreeing that all charities should accept crypto even though a higher 71 percent are interested in buying cryptokitty.
The survey tried to identify the type of causes that the community would like to identify with. The result of the survey shows that 49 percent of hodlers are interested in charitable caused that affect children, 42 percent are interested in donating towards charities that help the homeless while 38 are interested in charities that help and protect animals.
54 percent said that charitable organizations are not doing enough to make it easy for hodlers to make donations in crypto because they mostly do not have crypto donation support.
There seemed to be a consensus that it is hard to get charitable organization that fulfill their promises.
WeTrust, the company which commissioned the survey makes it possible to hodlers of ETH to make donations to charities even though it plans to expand the project to accommodate more digital currencies in future.
The November 27 survey was to mark Giving Tuesday and clearly meant to create more awareness for the company. Some of the WeTrust advisors are Ethereum founder Vitalik Buterin, and Cornell University professor and IC3 Co-Director Emin Gün Sirer.
Pollfish, the market research firm that conducted the survey is also an advisor to WeTrust. It uses machine learning to accomplish results with advanced fraud protection system.
It is obvious that there are many hodlers willing to give despite the coins despite the crypto market crash as seen from the survey.
Non-profit organizations are in competition to be seen by people willing to make donations. The US alone has 1.5 million registered charities so this is an opportunity to expand their patron base.