Crypto Giving Tuesday, an annual event dedicated to showcasing cryptocurrency’s potential to support charitable causes, is set for a record-breaking year. Pat Duffy, co-founder of The Giving Block, shared with Cryptonews that this year’s Crypto Giving Tuesday, held on December 3 to coincide with Giving Tuesday, could generate over 300% more donations compared to 2023.
“Crypto Giving Tuesday is more than just a day for donations—it’s an opportunity to highlight the positive impact of crypto,” Duffy remarked. This initiative, launched in 2017, continues to grow each year, driven by rising crypto valuations and increasing awareness of “crypto-for-good” applications.
Non-Profits Harness the Power of Crypto
This year, over 1,000 non-profits are set to participate, leveraging the opportunity to fund their missions through crypto contributions. Among the notable participants is the Make-A-Wish Foundation, a renowned charity helping children in need. Since partnering with The Giving Block in 2021, the organization has expanded its efforts to three additional countries using crypto donations.
Gamers Outreach, another participating non-profit, aims to enhance the lives of hospitalized children by providing gaming equipment. “Accepting crypto donations year-round through The Giving Block has allowed us to carry forward our mission of bringing the power of play into hospitals,” shared Edwin Nolasco, Marketing Director at Gamers Outreach.
Organizations like The Keep A Breast Foundation and the charity Orangutan Outreach also highlight the life-changing impact of cryptocurrency. Founder Shaney Jo Darden explained how crypto donations have empowered breast cancer survivors, while Orangutan Outreach’s Richard Zimmerman emphasized how digital assets help fund long-term conservation efforts.
Meme Coins Spark Generosity
Meme coins, often considered a fringe element of the crypto world, are emerging as unexpected champions for charitable giving. Their tight-knit communities have contributed significant amounts to good causes. For example, the Dogecoin community made waves in previous years by rallying behind the Team Seas initiative, while fans of the Bored Ape Yacht Club collectively raised over $1 million for Orangutan Outreach.
This year, projects such as $forest and BOOJI have stepped forward. The $forest token recently raised $65,000 for biosphere charities, while BOOJI, which focuses on saving endangered gorillas, highlights the potential for meme coins to go beyond monetary gains and make a difference.
“Meme coins can have an enormous impact if their communities rally behind causes,” Duffy said, adding that he hopes to see increased participation from these projects during 2024’s Crypto Giving Tuesday.
Tax Incentives Boost Crypto Philanthropy
Another motivator behind the surge in crypto giving is the significant tax benefits associated with such donations. According to Jonathan Bander from ExperityCPA, donating cryptocurrency directly to eligible organizations allows donors to bypass capital gains taxes. This makes crypto an efficient option for charitable contributions with potential deductions of up to 60% of adjusted gross income for cash gifts and 30% for appreciated assets like cryptocurrency.
Additionally, tools like Charitable Remainder Trusts (CRTs) offer donors an opportunity to maximize benefits. These structures enable crypto to grow tax-free within a trust while providing donors with an income stream and additional tax deductions.
For organizations like 1,000 Dreams Fund (1DF), which is participating in Crypto Giving Tuesday for the first time, these incentives translate to increased opportunities to provide community support. CEO Christie Garton emphasized the importance of these donations, stating, “More crypto contributions mean more capital to give back in a tax-efficient way.”
The Expanding Role of Crypto in Philanthropy
Crypto Giving Tuesday is quickly becoming a staple event, demonstrating how digital assets can change the philanthropic landscape. Non-profits are increasingly recognizing the potential of crypto contributions to fund and accelerate their missions. This year’s expected surge in donations reflects broader acceptance of cryptocurrency in the non-profit sector, fueled by tax benefits, rising market prices, and the generosity of the crypto community.
With 2024 shaping up as a milestone year for crypto philanthropy, initiatives like Crypto Giving Tuesday are setting a powerful example of how digital assets can foster social good. Organizations across various sectors are seizing the opportunity not only to raise funds but also to inspire a new wave of giving powered by innovation and technology.
