BitcoinTuesday, slated for December 1st, is set to be one of the largest cryptocurrency fundraising drives in history.
The Giving Block, a crypto donation company, has partnered with more than 120 nonprofits and 30 blockchain companies to lead BitcoinTuesday – a one-day event promoting cryptocurrency donation to charity.
Some of the biggest names in the crypto space will be attending the event, including Cointelegraph, Gemini, Ledger, and Blockfolio. Together with dozens of other blockchain companies, they help more than 100 charities raise Bitcoin (BTC) and other cryptocurrency donations before the holidays.
BitcoinTuesday has a variety of fundraising trivia events where HODLers can test their knowledge of the cryptocurrency and blockchain industries. Users are also encouraged to create their own fundraisers, such as live broadcasts or poker tournaments, to support their preferred charity.
The Giving Block tells Cointelegraph that BitcoinTuesday 2020 “will see 1,000% growth in nonprofits accepting cryptocurrency donations”. Organizations like Save the Children, No Kid Hungry, and The American Cancer Society are just a few of the charities that will be attending this year’s event.
According to The Giving Block:
“All of our charities accept more than bitcoin. Bitcoin is paramount, but you can donate any currently supported cryptocurrency on Gemini.”
A similar event last year successfully recruited a dozen charities. BitcoinTuesday 2020 is an order of magnitude larger, indicating a significant shift in the way nonprofits are viewing digital assets.
With hundreds of billions of dollars flowing into the cryptocurrency market this year, digital assets offer new donation options for charities. The Giving Block tells Cointelegraph that the introduction of cryptocurrencies is having a positive impact on donations as owners seek to offset capital gains taxes through donations to charity.
They also believe that nonprofits can themselves help support the adoption of crypto by providing users with the ability to donate through digital assets:
“Nonprofits are adding crypto as an option on their website and platforms, soliciting crypto gifts in their communications, and posting information about cryptocurrencies on social media. This brings their core audiences into the crypto scene, which is invaluable.”
Charitable donations are of course nothing new to the crypto community. In December 2017 An anonymous bitcoin charity called the Pineapple Fund has given out 5,057 BTC to 60 charities. The Giving Block seeks to replicate the success of the Pineapple Fund and lay the foundation for an even bigger charity drive for years to come.. While there is no set target for how much BitcoinTuesday can raise, The Giving Block says, “We think it’s perfectly reasonable to raise millions.”
“It will depend on who shows up and does something about it!”
Nonprofits can participate in BitcoinTuesday by applying directly through The Giving Block. Other companies can participate in the event by becoming a sponsor or advertising partner.
If you are a donor interested in making a large crypto donation, please contact The Giving Block to facilitate a conversation between you and the charity of your choice.