Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Crypto donations hit records: Season of Generosity

Crypto donations hit records: Season of Generosity

The top cryptocurrency donated on Crypto Giving Tuesday 2021 was ethereum

Donating cryptocurrencies to charitable organizations is on the rise in this holiday season of generosity, according to numbers from crypto donation platform The Giving Block.

The platform, founded in 2018, fields donations from crypto investors to their choice of more than 1,000 nonprofits, such as Operation Smile, Catholic Charities U.S.A. and People for the Ethical Treatment Animals.

Catholic Charities distribute warm about 300 pre-Thanksgiving meals to people in need at the PEPCO Edison Gallery on Nov. 23, 2021 in Washington, D.C.


The Giving Block's biggest fundraising event of the year, Crypto Giving Tuesday held on Nov. 30, absolutely shattered last year's event by raising $2.4 million in the 24-hour period — that's up 538% from the one-day event last year.

The Number One crypto donated via the site was ethereum at more than $1.2 million, followed by bitcoin at over $885,000. Donors gave roughly $294,000-worth of USD Coin, nearly $9,000 in uniswap and another $5,000 in tezos.

Ethereum


Like other charitable donations, giving via digital assets comes with its own tax benefits. The Giving Block asks donors, "Why give your crypto to the IRS when you can give it to a charity instead?"

"For nonprofits, crypto users are one of the hottest donor demographics," co-founder Pat Duffy told FOX Business. "For crypto users, donating crypto to nonprofits is one of the hottest ways to reduce tax liability. But they didn't have a moment dedicated for them to meet one another. That's why we started Crypto Giving Tuesday."

The group has set a goal of processing $100 million in donations to non-profits through its platform by Dec. 31. If reached, The Giving Block says, it "will have helped put $30 million in the hands of charities that would have otherwise gone to the IRS."

This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington.


The concept is appealing to more and more investors, as the digital market is up roughly 1,300% from just over the past two years — and Uncle Sam will come for his cut. Crypto is considered property by the IRS, and can be subject to capital gains or even regular income taxes.

Donors can give crypto to a non-profit rather than the government through The Giving Block, share the tax receipt with their accountant and get it appraised. Then, donors are able to secure their tax write-off and capital gains exemption.

As for reaching the $100 million mark in donations this year, Duffy says it's going to be tight, but there are still a few days left of the campaign, which ends at midnight on Friday.

"So much of it depends on the donations that come in this week," he noted. "Let's hope the whales come out in full force this week!"

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
German Chancellor Friedrich Merz: “The Current Welfare State Can No Longer Be Financed”
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
Wizz Air passengers screamed as storm-battered flight diverts to Bologna
European postal services halt U.S. deliveries after Trump imposes new tariffs
Urban explorer finds abandoned luxury restaurant left to decay
Fidesz leader labels Péter Magyar a ‘bluffer’ amid escalating political spat
French rope park operator arrested for denying entry to Israeli children
Újpest thrashes Zalaegerszeg 4-1 to secure first win in five matches
Profit-margin cap costs retailers 13 billion forints a month, warns trade group
Curiosity rover finds coral-like rock on Mars hinting at watery past
U.S. green policy rollback drives investors to Europe’s sustainable finance market
Special funerals rise in Hungary: boat, aerial and forest burials gain popularity
Hungary’s Kiskunság region turning into semi-desert after extreme drought
Kopasz Bálint wins world kayak 1000 m title in Milan, making him triple world champion
Budapest’s Keleti railway station to close for four weeks for track overhaul
Balaton could be unfit for swimming by 2035 and dry by 2050, scientists warn
Leaked guidelines show Meta’s AI allowed flirty and racist interactions with children
Filming of ‘Emily in Paris’ halted after assistant director dies on set
Filipino guest workers sue after Hungary moves to deport them for pregnancy
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
A monster hit and a billion-dollar toy empire
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
Canada: Nurse Suspended and Fined 93 Thousand Dollars After Stating the World’s Most Well-Known Fact Since the Creation of Adam and Eve, That There Are Only Two Genders
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
U.S. Treasury Secretary Whitney Bessent Backs Stablecoins to Boost Treasury Demand
Spain to Declare Disaster Zones After Massive Wildfires
Three-Minute Battery Swap Touted as Future of EVs
Beijing Military Parade to Showcase Weapons Advances
×