Are you ready to unlock $10 billion in donations, tax incentives, and charitable giving? Crypto philanthropy is on the rise and is quickly becoming a popular means of donating and making an impact in the world. According to a recent report from the crypto charity platform, The Giving Block, cryptocurrency donations are set to exceed billion within the next decade. (fiberclean.com) The impressive donation numbers are the result of a sharp uptick in the popularity of crypto donations. This has been spurred on by theCOVID-19 pandemic and the Russian invasion of Ukraine, which encouraged non-profits across the globe to start accepting crypto donations.
The surge of crypto donations has also been due to the platform’s annual report, titled “Crypto Philanthropy Data, Trends & Predictions”. This report detailed that crypto donations in the platform surpassed $125 million in 2022, which is a record for the history of The Giving Block. This, in addition to Bitcoin’s uptrend in prices, allowed the crypto charity project to forecast that donations could reach $1 billion by August 2027, $5 billion in June 2031, and $10 billion by November 2032.
The report also provided insight into which cryptocurrencies are the most popular among donors. Unsurprisingly, USDC topped the list and accounted for 44% of donations, followed by 24% of Ether and 17% of Bitcoin. Ethereum co-founder Vitalik Buterin holds the record for the largest donation, with $9.4 million donated through his philanthropic fund, Balvi.
Most interestingly, however, was the incentive for donors to opt for crypto donations over cash donations. As it turns out, donors were not only motivated by the powerful tax incentive of using crypto over traditional money. Nonprofits and crypto investors have also become increasingly interested in the role crypto plays in mainstream adoption by providing users with not just tax relief, but social change as well.
So if you’re looking to make a difference and save on taxes, then crypto donations are the way to go. Not only does it provide an avenue for your donations to make a real impact, but you also get to enjoy the tax benefits that come with it. With crypto donations set to exceed the $10 billion milestone in the next 10 years, now is the perfect time to dive into the world of crypto philanthropy.
