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Rachel Wolfson
Reporter
Rachel Wolfson
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Cryptocurrency donations are expected to skyrocket as 2024 comes to an end. Industry experts believe this is due to numerous non-profit organizations participating in Crypto Giving Tuesday this year.
This annual initiative, combined with the rising price of Bitcoin (BTC) and other cryptocurrencies, has set the stage for crypto donors worldwide to give back using digital assets.
Crypto Giving Tuesday Expected To Generate 300% More Donations
Pat Duffy, Co-Founder of The Giving Block, told Cryptonews that Crypto Giving Tuesday is the biggest day of the year for raising awareness around “crypto-for-good” use cases.
Crypto Giving Tuesday, which falls on December 3, is the same day as Giving Tuesday. The Giving Block started the initiative in 2017 and has been an annual event ever since.
“Crypto Giving Tuesday is a day of cryptocurrency giving, but it’s also the day where the industry takes a moment to tell stories about all the good that crypto can provide,” Duffy said.
While Crypto Giving Tuesday has succeeded in previous years, Duffy believes 2024 will be monumental for crypto donations.
“We expect to see a lot more giving this December versus last, as we’re on pace to raise over 300% more this year versus 2023,” he remarked. “In a year like 2024, when prices are soaring, crypto giving has tripled, and the tax incentivdwe to donate crypto has never been stronger, nonprofits must make the most of this opportunity.”
Non-Profits Participating In Crypto Giving Tuesday
It’s notable that many non-profit organizations are participating in Crypto Giving Tuesday this year.
For example, the Make-A-Wish Foundation – a U.S.-based organization helping millions of children in need—has partnered with The Giving Block to accept crypto donations.
Make-A-Wish began partnering with The Giving Block in 2021 and has since used crypto donations to expand its efforts into three new countries.
Gamers Outreach, a 501 nonprofit organization founded in 2007, also partners with The Giving Block. The organization works with hundreds of hospitals worldwide to improve the quality of life for hospitalized children by providing them with video games.
Edwin Nolasco, Marketing Director at Gamers Outreach, told Cryptonews that Gamers Outreach accepts donations year-long through The Giving Block’s portal.
“This enables us to continue our mission of providing the power of play to hospitalized families,” Nolasco said.
He added that The Giving Block’s portal makes it easy for non-profits to accept crypto donations due to the vetting process.
“This provides organizations with confidence, allowing donors to understand that their crypto is going directly towards charitable causes.”
Duffy shared that The Giving Block expects over 1,000 non-profits to participate in Crypto Giving Tuesday this year. These include Save the Children, Feeding America, St. Jude, the American Cancer Society, and many others.
Why Crypto Giving Tuesday Is Important For Organizations
Crypto Giving Tuesday allows organizations to easily accept donations and demonstrates how crypto can save lives.
Shaney Jo Darden, Founder of The Keep A Breast Foundation—a California-based non-profit focused on the prevention and early detection of breast cancer—told Cryptonews that Keep A Breast has participated in Crypto Giving Tuesday for the past three years. This has enabled the organization to support those impacted by breast cancer.
“Every contribution helps us empower more survivors, providing them with the resources and freedom to rebuild their lives,” Jo Darden said.
She added that crypto donations go a long way, noting that 1 Bitcoin (BTC) donated currently supports 198 breast cancer survivors.
“1 ETH will support six survivors and 2 SOL will support one survivor,” she said.
Richard Zimmerman, Founder and Executive Director of the 501(c)(3) charity Orangutan Outreach, demonstrates how crypto can save orangutans.
“We are building sanctuary spaces for dozens of unreleasable adult orangutans who will need to be cared for for many decades,” Zimmerman said. “We view crypto as an extremely valuable mechanism for raising cash to keep large, landscape-scale projects going. Crypto operates at a scale and speed that makes a lot of things possible that weren’t even imaginable a few years ago.”
Meme Coins Making An Impact This Year
It’s also interesting to point out that meme coins are being leveraged to support charitable causes.
“Meme coins can be massive for Crypto Giving Tuesday if their communities decide to show up and show out,” Duffy said.
While meme coins can generate mixed results, Duffy explained that a meme coin community can sometimes spur a big December giving period, locking in one or several nonprofit partners.
“We saw this when the DOGE community locked in on the Team Seas fundraiser with Mr. Beast and Mark Rober, or when Bored Ape Yacht Club locked in on Orangutan Outreach and raised over $1,000,000 for the charity, tripling their total fundraising that year,” Duffy explained.
Ryan Ferris, S.A.N.’s project lead, told Cryptonews that $forest meme tokens have enabled the $forest community to run four biosphere preservation fundraisers.
“We have raised $65,000 to date for biosphere charities,” Ferris said. “All transactions have been made publicly on chain via The Giving Block.”
Cindy Higby, creator of the meme coin “BOOJI,” told Cryptonews that BOOJI was initiated to save endangered gorillas.
“BOOJI is an ape mascot and the BOOJI community has already adopted about 10 gorillas,” Higby said.
Higby added that it’s important for crypto holders to spread wealth for good causes.
“Some people have made a fortune off BOOJI, and some are long term holders – but either way we need to demonstrate crypto for good use cases. We are setting an important example for meme coins,” she said.
Duffy added that meme coins have had massive success throughout 2024. He, therefore, hopes to see these communities take the opportunity to give back.
Tax Benefits Associated With Crypto Donations
It’s also important to point out that a number of tax benefits are associated with crypto donations.
Jonathan Bander, managing partner and head of the tax strategy at ExperityCPA, told Cryptonews that transferring ownership of crypto assets directly to charitable organizations helps donors sidestep capital gains taxes.
Bander explained that this year, individual donors can deduct up to 60 percent of their adjusted gross income (AGI) for cash donations to public charities and up to 30 percent of AGI for donations of appreciated assets, including cryptocurrency.
“If your charitable contributions exceed these limits, you can carry forward the excess for up to five additional tax years, potentially maximizing your tax benefits over time,” Bander said.
Bander explained that a Charitable Remainder Trust (CRT) is an appealing option for donors looking to maximize the benefits of their crypto donations.
“CRTs provide additional tax advantages, including immediate partial tax deductions and potential estate tax reductions. They also allow donors to receive an income stream while the donated crypto grows tax-free within the trust,” he said.
The benefits associated with crypto donations are yet another reason for traditional organizations to participate in Crypto Giving Tuesday.
Christie Garton, CEO of 1,000 Dreams Fund (1DF) – a non-profit dedicated to supporting young women in need – told Cryptonews that this is 1DF’s first crypto giving effort.
Garton explained that while 1DF is excited about the potential flood of crypto donations this year, this often translates into more capital to give back to the community tax-efficiently.
“The Future Fund and 1DF’s new ability to accept crypto donations provides that avenue,” Garton said.
