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Philanthropy redefined with crypto

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By Daniel Shin

Philanthropy is huge. In America alone, philanthropic donations reached $485 billion in 2021. Despite the uncertainty about the continued spread of COVID-19, the total amount of philanthropic giving grew by 4 percent year-on-year. Philanthropy is driven by mission, purpose and passion. Donors are focused on building a more inclusive and equitable society. They also aim to drive systemic change and sustainable social progress.

The majority of donations went to religion, education, health care and so forth. Gifts for arts, culture, humanities, and environment also saw double digit growth. Prior to COVID-19, approximately 78 million citizens of the United States volunteered and contributed 5.8 billion hours for public benefit. Religion, sport, culture, and art are key areas where people were actively engaged in volunteering on top of their donations.

Some might have done philanthropic giving to receive a charitable tax deduction. Though, donors tend to provide their money, capabilities and professional acumen to support charitable causes in ways that also sharpen up their own competitive edge. Philanthropy is an act of goodwill. It helps to improve the well-being of humankind and prevent social problems.

Philanthropy is a driving force of social change. It can be in the form of social movements for civil rights, labor, women's empowerment, environmental and LGBTQ issues. Philanthropy is not only providing necessary funding, but also advocacy support for social change. Oftentimes, donors do not want to let their left hand know what their right hand is doing. In order to reach a critical mass, it has to be done proactively and also transparently.

We have to learn to give. We can give our time,........

© The Korea Times

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