Frequently asked questions for charities accepting Bitcoin and other cryptocurrencies, as well as crypto donors.
How many people use cryptocurrency?
There are currently about 59,100,000 users in the US and 295,000,000 globally. The number of cryptocurrency users has increased exponentially from 2017 to 2022.
Who donates cryptocurrencies?
Cryptocurrency donors are generally Millennials and Gen Z donors. 43% of Millennials prefer crypto investing to stocks. Meaning a significant percentage of Millennials have appreciated crypto they can donate each year for tax purposes.
Does the IRS recognize cryptocurrency donations?
The IRS classifies cryptocurrencies as property, so cryptocurrency donations to 501c3 charities receive the same tax treatment as stocks.
Which cryptocurrencies are donated the most?
Ethereum, Bitcoin and USDC were the most-donated cryptocurrencies to nonprofits on The Giving Block in 2021. While Bitcoin used to be the dominant cryptocurrency for charitable giving, the Crypto Philanthropy landscape has become more diverse over time.
How much cryptocurrency is donated each year?
Currently, there is about $300,000,000 donated in the form of cryptocurrency each year. As the crypto market has grown, so too have cryptocurrency donations.
Where can I donate cryptocurrency for taxes?
List of Nonprofits accepting tax-deductible crypto donations.
Why donate cryptocurrency?
When you donate crypto to a registered charity, you do not recognize capital gains from the donation and can deduct it on your taxes. In other words, donating your crypto can often reduce your tax burden. Would you rather donate to the IRS or your favorite cause?
Which nonprofits accept cryptocurrency donations?
Can I donate anonymously and still get a tax receipt?
With us, you can. We have an option for donors to submit only an email in order to receive an automatic tax receipt. This option is not supported by all of our nonprofits, but most of them allow anonymous donations!
Why donate Bitcoin and other cryptocurrencies through The Giving Block?
Two words – cryptocurrency adoption. Our goal is not only to set up nonprofits to accept cryptocurrency donations, but for them to talk about crypto, driving adoption. When you support one of our nonprofits, you support a nonprofit who is vocal about crypto.
Can I donate Bitcoin?
Yes. Instead of selling your Bitcoin and donating the after-tax proceeds, you can donate your Bitcoin and other cryptos directly to charities and other nonprofits, which means your tax deduction will be the same as the market value of the donation.