Wikipedia no longer accepts cryptocurrency donations
The Wikimedia Foundation, which owns and operates Wikipedia, has announced that it will no longer accept cryptocurrency as a method of payment for donations starting Sunday, May 1. The company made the decision to stop accepting the payment method based on feedback it received from the community. The community also put it up for a vote, each stating their reasons for and against cryptocurrency. The Wikimedia Foundation also announced the closure of its BitPay account. This action will prevent the organization from accepting cryptocurrency in the future.
The Wikimedia Foundation began accepting cryptocurrency in 2014. Lisa Seitz-Gruwell, who is the Wikimedia Foundation’s director of advancement, described donating via cryptocurrency as “simple and inclusive.” At the time, there were 13 payment options, with Bitcoin becoming the 14th payment method. The decision to accept Bitcoin was made after careful research, advice from knowledgeable outside entities, and a partnership with Coinbase.
Bitcoin back then was not as well known as it is today. The cryptocurrency was trending around $300 for a coin towards the end of 2014. But in a few years, the value of the coin would skyrocket. At the same time, forcing into the public eye. This would also increase its volatility. Bitcoin’s value has had its fair share of ups and downs. Its peak reached $66,974 in October 2022. In May 2022, the Bitcoin price was around US$38,500.
Although there are those who are strong believers in Bitcoin and cryptocurrencies, there are still a large portion who are skeptical. There are good reasons for this. At this time, the Wikimedia Foundation will no longer accept cryptocurrency donations. It will close this chapter. The cryptocurrency space is constantly evolving and there are definitely big changes ahead. With these changes, it’s still possible that cryptocurrency will once again become an accepted method of payment for your Wikipedia donations.