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A few weeks ago another cryptocurrency disaster made a shocking headline.
$1.4 Trillion dollar value was lost out of the Sam Bankman-Fried's FTX and its overall effect on the crypto-world. Why charities are banking on the crypto potential for giving until now is such a childish response? The volatility of this sector is such that you can trust your dog to go home after a day's out more than your crypto dollars to work for you. You can't trust a system when you know that there are no guarantees, no protections, no legitimacies, and no governance that underpin any modern system, whether it's the financial, political, social, and economic in nature.
Philanthropy, charity and giving must veer away from high-stakes, high-loss ventures when ordinary people's monies are at stake. What charity can afford to gamble these hard-earned monies earned from the skyrocketing inflations for the sake of creating a new approach, model, or vehicles?
In the banking world, trust is not just a philosophical value, it's the no. 1 operative word. Crypto is made-up money and before you know it, it's gone without a clue. Charities, check your donors and keep safe from the minefields of volatile approaches.
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