Cryptocurrency giving ‘still a long way from widespread popularity’, survey suggests.

The recent fundraising phenomena of donating using cryptocurrencies may have taken a dent, after a latest survey suggested a lack of willingness among the public to fully adopt Bitcoin and other emerging digital alternatives to cash.

Last month Charity Times looked at the growing use of cryptocurrencies among charities to boost their income through offering alternative forms of giving.

But latest polling by YouGov has found that just 5% of the public would be prepared to give up their bank accounts and rely entirely on cryptocurrency.

This may indicate that the public continue to see cryptocurrency as a “conventional investment” rather than a form of exchange they can use day to day, YouGov says.

But the survey further suggests that public interest in cryptocurrency could grow, as young people are more likely to back relying entirely on this form of digital currency than older people.

The 18-34 age group is the most likely to support its use, while the over 55s less likely, YouGov found.

Charities to already benefit from Bitcoin donations include the Children’s Heart Unit Fund, which received a cryptocurrency donation worth £38,000 last year. This is believed to be the largest cryptocurrency donation to a UK charity.

Others that encourage cryptocurrency donations include Helping Household Under Great Stress, RNLI, Save the Children and the Turing Trust, which is using digital currencies to tackle exclusion in Africa.

Cryptocurrencies have been developed using blockchain technology, which allows digital information to be distributed in a more transparent way that can help cut fraud.

The current market price of one Bitcoin is £41,788, which is up on last month’s exchange rate of £41,660.

    Share Story:

Recent Stories

How digital saved an international charity from collapse
In the second of a series of digital leadership podcasts, Lauren Weymouth speaks to Peace One Day founder, filmmaker and actor, Jeremy Gilley about how becoming a solely digital charity saved it from collapse and turned it into a global success.

How Age UK navigated a remote call centre in a crisis
In the first of a series of three digital leadership podcasts, Lauren Weymouth chats to Age UK’s Alasdair Stewart about how the charity set up, navigated and successfully delivered The Silver Line phone service remotely during the peak of the Covid-19 pandemic.

Sponsored by Amazon Web Services

To find out more about cloud computing for charities visit the Amazon Web Services nonprofits page.