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As the holiday season approaches, charities are getting ready to receive donations of various cryptocurrencies. One such worldwide crypto-focused charity event started on December 1.
Started from December 1, the crypto-based charity event, dubbed Bitcoin Tuesday, looks to raise donations amounting to at least $1 million beginning today and through the month of December. The Giving Block, a crypto donations platform, spearhead the donation drive again this year, only that the fundraising target this month places it as one of the largest crypto-based charity events ever.
To make the charity drive successful, the donations platform has attracted 30 blockchain companies and over 120 nonprofits to partner with it. Gemini, Flexa, Ledger, Celsius Network, Blockfolio, 0x, and Maker are a couple of the biggest names featuring in the crypto donation drive. The companies, alongside several other blockchain companies, will help step up Bitcoin (BTC) and other cryptocurrency collection efforts during the holiday season.
Last year, at the time when The Giving Block was one month old, around $100,000 was raised from 12 charities.
Bitcoin Tuesday: Donations Help Participating Charities to Fund Various Activities
After collecting the donations, Bitcoin Tuesday will distribute it to various charities, including; Save The Children, No Kid Hungry, American Cancer Society, Center for Policing Equity, Foundation for Economic Education, WaterAid America, and Stack Up. Besides disrupting the financial system, Bitcoiners are focused on contributing to the social good whenever an opportunity to make a practical difference arises. Whether for promotion of justice via the Center for Policing Equity or helping Save The Children.
Diane Clifford, No Kid Hungry’s constituency development managing director, explained how his organization would participate in the Bitcoin Tuesday campaign. He said that the organization would swap gifted crypto, like the way non-profit Hope for Haiti does, into U.S. dollars fiat currency immediately upon receipt and channel it to child hunger tackling efforts.
President & Founder of The Water Project Peter Chasse also praised the noble causes that crypto donation goes towards. The leader of the non-profit that facilitates clean water to disadvantaged sub-Saharan African communities had this to say:
“Cryptocurrency donations have played an absolutely pivotal role this year in The Water Project’s response to the pandemic in Kenya, Sierra Leone, and Uganda.”
From the over 100 charities participating, some are just working to help find homes for pets or even merely to provide meals for senior citizens residing in rural America.
Donate, if You Want to Support
The Giving Block encourages nonprofits themselves to offer users the opportunity to donate through various cryptocurrencies. They called for Nonprofits to add crypto donation options across their various website platforms to allow their mainstream audiences to participate fully in the crypto scene.
If you are willing to donate crypto to any of your favorite charities, you can visit The Giving Block website, choose the desired organization to support, and make your crypto pledge.
“All our charities accept more than just Bitcoin. Bitcoin is front and center, but you can donate every crypto currently supported on Gemini,” The Giving Block stated while alluding that non-profits can also accept donations in Ether (ETH) and Litecoin (LTC), and others.
Alex Wilson, the Giving Block co-founder, explained that a lot more donations are collected when the price of digital assets, especially BTC, goes up. According to him, at that time, people are looking to offset their tax liability amid rising crypto assets prices as it is considered a ‘more tax-efficient’ of making donations. Some tax experts also noted that users are able to avoid some capital gains taxes.
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