Published by CentBit.Online – Leading Crypto & Blockchain Expert in Bangladesh
Cryptocurrency donations are set to reach unprecedented levels as 2024 draws to a close, fueled by the growing participation of non-profit organizations in Crypto Giving Tuesday. This annual event, coinciding with Giving Tuesday on December 3, is anticipated to see donations increase by 300% compared to 2023, thanks to the rising value of Bitcoin and other digital assets.
Crypto Giving Tuesday: A Global Movement for Good
Pat Duffy, Co-Founder of The Giving Block, explained that Crypto Giving Tuesday is the largest event of the year promoting crypto philanthropy.
“This day not only raises donations but also showcases the transformative potential of cryptocurrency for charitable causes,” Duffy shared in an interview with Cryptonews.
Since its inception in 2017, Crypto Giving Tuesday has grown exponentially, with 2024 on track to shatter previous records.
“In a year of soaring crypto prices and favorable tax incentives, we’re expecting to raise over 300% more than last year,” Duffy remarked.
Non-Profits Embrace Crypto Donations
Over 1,000 non-profits are set to participate in Crypto Giving Tuesday this year, including prominent organizations like Make-A-Wish Foundation, Feeding America, St. Jude, and Save the Children.
- Make-A-Wish Foundation, which began accepting crypto in 2021, has used donations to expand its services to three new countries.
- Gamers Outreach, a non-profit enhancing the lives of hospitalized children through gaming, has consistently benefited from year-round crypto contributions via The Giving Block.
Edwin Nolasco, Marketing Director at Gamers Outreach, praised the platform:
“The Giving Block’s portal ensures confidence for donors, enabling us to use crypto donations effectively to impact hospitalized families.”
Other notable organizations, like The Keep A Breast Foundation and Orangutan Outreach, highlighted how crypto donations support their missions, from empowering breast cancer survivors to building sanctuaries for orangutans.
The Role of Meme Coins in Crypto Philanthropy
Meme coins have emerged as surprising contributors to crypto philanthropy. Communities supporting coins like DOGE, Bored Ape Yacht Club, and $forest have collectively raised millions for charitable causes.
- $forest tokens have funded $65,000 in biosphere preservation efforts.
- BOOJI, a meme coin created to save endangered gorillas, has already supported the adoption of ten gorillas.
Cindy Higby, creator of BOOJI, emphasized:
“Meme coins demonstrate how the crypto community can make a real impact, showing the world the positive side of digital assets.”
Tax Incentives Boost Crypto Donations
Crypto donations come with significant tax advantages. Jonathan Bander, managing partner at ExperityCPA, explained:
“By donating crypto directly to non-profits, donors avoid capital gains taxes while maximizing their impact.”
In 2024, donors can deduct up to 60% of their adjusted gross income (AGI) for cash donations and up to 30% for appreciated assets like cryptocurrency. Additionally, mechanisms like Charitable Remainder Trusts (CRTs) offer long-term tax benefits, including estate tax reductions and income streams from tax-free crypto growth.
Crypto Giving Tuesday: A Call to Action
For organizations like 1,000 Dreams Fund (1DF), Crypto Giving Tuesday is a game-changer. Christie Garton, CEO of 1DF, expressed excitement:
“Crypto donations open new avenues to support young women in need, combining efficiency with generosity.”
As the world embraces cryptocurrency, initiatives like Crypto Giving Tuesday underscore the transformative power of digital assets in creating a better future.
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