On Sunday, May 1, Wikipedia Foundation announced that it wouldn’t be accepting any more cryptocurrency donations. After a three-month deliberation and a request from the Wiki community, the Foundation, which owns and operates Wikipedia, made the final decision. Wikipedia no longer accepts cryptocurrency donations.
In the update, the decision to stop accepting crypto donations was based on the recent feedback gathered from its volunteers and donor communities. The Foundation began taking crypto in 2014 after much prodding from the same communities.
In the announcement, the Foundation also stated that it would be closing its account with Bitpay. This is the crypto payment service that it used to accept donations.
Crypto Skepticism
Wikipedia editor Molly White tweeted her delight at the decision. She said, “I’m really proud of my community for taking a principled stand.” The crypto skeptic added, “It can be difficult when there’s money on the line,” saying that this is a concern commonly seen in the crypto space. She considers the decision refreshing and that both the community and Foundation see it the same way.
White also operates Web3 is Going Great, a website that tracks online scams and hacks in the cryptocurrency world. She was the first to report Wikipedia’s announcement about its decision to no longer accept these donations.
As mentioned earlier, the non-profit organization began accepting crypto in 2014. They openly received donations in the form of popular cryptocurrencies such as Bitcoin, Dogecoin, Litecoin, Ethereum, and USDC, among many others.
At that time, Bitcoin was priced at $300 for a single coin nearing the end of the year. However, in a matter of years, its value skyrocketed. This has placed it in the public eye and has become famous over the years. Its price saw a lot of ups and downs, which also increased its volatility.
The article in Web3 is Going Great says that cryptocurrencies only accounted for a small percentage of the organization’s overall donations last year. This may be the main reason that Wikipedia no longer accepts cryptocurrency. To sum it up, only 0.08% of its revenue, or a little over $130,000 worth of crypto, was the number of donations it received in the last fiscal year.
The Formal Request
You can find the proposal and the crypto critics’ case concerning this on the Wikipedia discussion page. Most of these requests from critics argued that the non-profit organization should no longer accept crypto. It’s because of environmental issues resulting in their creation. One of the most popular arguments backing the decision is that Wikipedia can be seen as legitimizing and outwardly promoting a system that can be considered predatory.
White also added that they felt a “strong push from crypto advocates to brigade the discussion”. She finds it ironic that the crypto ethos involves self-governance and individual agencies. In contrast, members of the crypto community who aren’t part of the Wikipedia community try to force the subject on them. She wants to remind these people to remember that listening to community feedback is a part of self-governance. Even if there is no profit or good PR to be received.
Not Closing Doors
On the other hand, the Wikipedia Foundation, which supports the online encyclopedia, admitted to continuing to monitor the situation. It is possible that the organization will keep its doors open for accepting cryptocurrency donations anew.
Although currently, crypto believers are rapidly increasing in numbers, there is still a significant fraction of non-believers or skeptics. But for now, these unbelievers and doubters and much of the Wiki community remain victorious.
