(ANALYSIS) An estimated 18 million Americans are invested in cryptocurrency, according to the Federal Reserve. And the United States just elected a pro-crypto president. But is cryptocurrency a good ethical investment?
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Appealing to their Christian faith, Cynthia Petion promised investors returns of up to 200% in just one year through her cryptocurrency investment platform, NovaTechFX (Novatech). Four years later, in May 2023, NovaTechFX collapsed. Now New York Attorney General Letitia James is suing Petion, her husband Eddy and the defunct company for allegedly defrauding tens of thousands of investors.
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As of January 2024, 56% of the largest U.S. charities now accept cryptocurrency donations. According to The Giving Block, a crypto-giving platform for charities, more than $2 billion in crypto has been donated to nonprofits since 2018. Is it the future of giving?
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The Denver-based pastor of an online-only church was charged with civil fraud last week after raising $3.2 million from victims who invested in his worthless cryptocurrency, reported The Denver Post and BusinessDen.
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NFTs. Online gaming. Cryptocurrency. Compassion International is exploring these and other innovations as it connects with new supporters and prepares itself for Web 3.0, the Metaverse, and beyond. With fewer Americans donating to charity, the 70-year-old, $1 billion ministry is working to find new ways to engage younger believers.
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