Bitcoin version of ‘Giving Tuesday’ returns with 10 times more nonprofits

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The Giving Block philanthropy platform is launching the Crypto Giving Tuesday initiative on Tuesday, November 30, according to a statement sent to Bitcoin Magazine. The campaign will take place on the same day as Giving Tuesday, the world’s largest global day of giving, to connect bitcoin donors and nonprofits from various industries.

The Giving Block makes it easier for nonprofits to experience receiving donations of bitcoin and other cryptocurrencies. Philanthropic investors can browse and contribute to the cause they identify with more by sending direct donations in bitcoin rather than converting the desired amount into fiat currency and donating it instead. Donors can avoid capital gains taxes from the sale of cryptocurrency and allow a larger donation to reach the association, a win-win for both parties.

“People can avoid giving profits to the IRS by giving that money directly … to charity,” the statement said. “For example, if an investor chooses to donate based on the assets he has recovered, takes $ 10,000 in Bitcoin and cash in to donate, he will get the write-off, but pay a capital gains tax on the $ 10,000 (up to 20%.) If the same investor donates the $ 10,000 in Bitcoin directly to a nonprofit, they still get the write-off, but there is no tax payable.

There are currently more than 700 nonprofits on The Giving Block’s platform, and the company expects more than 1,000 organizations to participate in the campaign this year, nearly ten times more than in 2020.

Crypto Giving Tuesday can also serve as an inexpensive pilot program for nonprofits looking to accept bitcoin donations. If they have a successful campaign, they can present their results to their leaders to more easily move the Bitcoin agenda forward. And for those who are worried about their precious bitcoin stack, they can apply a virtuous circle while redeeming the same amount of BTC instantly after donation, which is also tax-efficient.

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