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Wikipedia halts crypto donations, shuts down Bitpay account

TL;DR Breakdown
  • Wikipedia stops receiving crypto donation.
  • Encyclopedia receives crypto donations worth $130,000 during last fiscal year.

Wikipedia, the popular online encyclopedia has said it would no longer receive crypto donations. The organization even closed its Bitpay account, where most of the crypto charity it receives gets paid into.

The move to halt receiving crypto donations by the online encyclopedia was announced in a statement on Sunday, 1 May by the organization. Before the announcement, Wikipedia debated whether or not it should continue receiving crypto donations. During that time, it is reported that over 200 of the encyclopedia’s editor requested that the organization stops receiving crypto donations. Ultimately 70 percent of respondents in a poll by the online library suggested that the firm should stop receiving crypto donations.

The Wikimedia Foundation has decided to discontinue direct acceptance of cryptocurrency as a means of donating … we are making this decision based on recent feedback from [volunteers and donor] communities.

The Foundation

Speaking further, the foundation said it began receiving crypto donations in 2014 based on requests from volunteers and donors. Reportedly, the foundation received crypto donations worth about $130,000 in the most recent fiscal year, but this is worth less than 0.1 percent of its revenue.

Behind Wikipedia halting receiving crypto donation

Crypto donation has become a thing recently, especially as the digital asset continues to gain more popularity and adoption globally. It is surprising Wikipedia is calling off receiving crypto donations.

Behind the move, Wikipedians like Molly White (GorillaWarefare) actively have the encyclopedia reasons not to receive crypto donations from donors.

GorillaWarefare, who proposed that Wikipedia halts crypto donations, described it as a risky investment that is only popular among retail investors.

Cryptocurrencies are extremely risky investments that have only been gaining popularity among retail investors.

Molly White

She said further:

I do not think we should be endorsing their use in this way.

Molly White

Like Wikipedia, back in April, the Mozilla Foundation announced it would stop accepting cryptocurrencies that use the energy-intensive proof-of-work consensus process.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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