Ukraine’s Bitcoin Donations Have Surpassed $4 Million In Less Than 24 Hours.

Following Russian President Vladimir Putin’s command to attack Ukraine, non-governmental organizations (NGOs) and volunteer groups in the country have raised over $4 million in cryptocurrency donations.

One non-profit organization (NGO) got more than $675,000 in Bitcoin (BTC) on February 24, and by 9:30 a.m. on Friday, February 25, it had received more than $3.4 million — more than $3 million of which came from a single individual.

According to Elliptic, this takes the total cash received by the group in less than 24 hours to more than $4 million.

Indeed, more than $4 million in cryptocurrency has been crypto-crowdfunded so far for the Ukrainian military’s procurement of munitions and medical supplies.

Interestingly, Bitcoin donations were pouring into Ukraine on February 8, just as tensions on the Russia-Ukraine border began to rise. Volunteer and hacker organizations in Ukraine retaliated by crowdsourcing BTC to help the country’s military.

Volunteer groups have played a significant part in the Russian-Ukrainian dispute for more than a decade, and they are frequently very closely affiliated with the Ukrainian government.

Individual donors have contributed millions of dollars to these organizations through bank transfers and payment apps. During this period, cryptocurrencies like Bitcoin have emerged as an effective alternative finance source.

Bitcoin and other digital assets allow for immediate, cross-border contributions while evading financial institutions, which would normally prevent payments to these groups from being made.

The usage of digital money for humanitarian and donating purposes is becoming increasingly common in general.

Donors to Come Back Alive, a Kyiv-based nonprofit organization founded in 2014 that was accepting fiat contributions for the Ukrainian military, have reported that the group’s Patreon page has been unavailable since Thursday, February 24, and that donations to the organization’s Bitcoin wallet have skyrocketed since then.

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Patrick

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