Why Donate Bitcoin?
Why Do People Donate Bitcoin & Other Cryptocurrencies to Nonprofits?
In the last few years, hundreds of millions of dollars worth of cryptocurrencies have been donated to nonprofit organizations, whether it’s large anonymous Bitcoin donations like the Pineapple Fund, to thousands of small individual donations - cryptocurrency donations are on the rise.
Here are some of the many reasons why individuals and organizations donate cryptocurrency such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and more to nonprofit organizations in the United States and around the world:
Donating Cryptocurrency Is Tax Efficient for Cryptocurrency HODLers
Donating cryptocurrency like Bitcoin to 501(c)3 nonprofit organizations is tax deductible* in the United States (and donating cryptocurrency in other countries such as the United Kingdom, Canada, Australia and New Zealand) helping donors reduce their tax obligations while supporting organizations whose missions they care deeply about.
If you have to transfer to another cryptocurrency or to fiat prior to donating, you lose the full tax benefit of donating directly to a nonprofit in cryptocurrency. From a tax perspective, this is very similar to if your were to donate appreciated stocks to a nonprofit.
Donating Cryptocurrency Demonstrates Your Corporate Social Responsibility
Making a financial donation in the form of cryptocurrency is one of the simplest ways that a blockchain or cryptocurrency company can demonstrate it’s corporate social responsibility and values to the world.
By supporting a nonprofit that aligns with your organization, or your founders values, you are saying to the world that you care, and you are willing to put your money where your mouth is when it comes to social good. Many organisations like to use the phrase “Blockchain for Social Good”
Donating Cryptocurrency Drives the Adoption of Bitcoin and Other Cryptocurrencies
We think that having ordinary people and organizations accepting and using cryptocurrency is exactly what it needs in order for it to become mainstream. Don’t just HODL, GIVE! By donating to nonprofits you ensure that they have open cryptocurrency wallets, and are actively engaged with the cryptocurrency community. The more nonprofits that accept cryptocurrency the more widespread its use will become.
Donating Cryptocurrency to Nonprofits is Quick, Easy & Convenient
Sending cryptocurrency is easier than punching in a credit card. When nonprofits are setup to accept your favorite cryptocurrency, its as easy as finding their donation page that hosts a TGB donation widget, filling out your donation amount and using their unique wallet address or QR code to complete the transaction. A tax receipt will be emailed to you once it’s all done, and you can rest easy knowing you donated your Bitcoin to support a nonprofit whose mission you support!
*The Giving Block are not financial advisors or accountants. For up to date and accurate information regarding cryptocurrency donations and their tax status please consult with your accountant, attorney or financial advisor.