We are seeing ‘10x growth in terms of the number of nonprofits accepting crypto,’ says Alex Wilson of The Giving Block

We are seeing ‘10x growth in terms of the number of nonprofits accepting crypto,’ says Alex Wilson of The Giving Block

With the market capitalization of digital currencies surpassing $2 trillion, there is now record interest in crypto philanthropy. From helping to build a school in Uganda to fundraising for frontline healthcare workers and raising awareness for artists with intellectual disabilities, many nonprofit projects are gaining traction with generous assistance from crypto enthusiasts.

But the rewards of giving crypto to charities aren’t limited to the feeling of having accomplished an altruistic task. The Internal Revenue Service currently classifies crypto as capital assets, like stocks. That means an investor can deduct the full market value of the cryptocurrency at the time of donation against their ordinary income (i.e., salary) over the period of a few years, while avoiding the capital gains tax altogether.

Crypto Giving Tuesday recap. Source: The Giving Block
Crypto Giving Tuesday recap. Source: The Giving Block

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