The world’s largest breast cancer charity, Susan G. Komen, has announced that it will begin accepting cryptocurrencies in partnership with The Giving Block, a leading donation solution. The announcement revealed that the charity would accept the world’s largest cryptocurrency, Bitcoin, along with Shiba Inu and Dogecoin.
Susan G. Komen has been at the forefront of the war against breast cancer.
A Significant Selection Of Cryptocurrencies
The crypto charity platform will offer donors a wide variety of options such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogelon Mars (ELON). It also offers others such as Orchid (OXT), Civic (CVC), and Gala (GALA).
The charity utilizes donations to raise awareness, provide education, and fund research into breast cancer. So far, it has invested over $1.1 billion since 1982.
Partnership With The Giving Block
The Giving Block was founded in 2018 and has already partnered with hundreds of charities. It had also announced a new service that streamlines the process of donating crypto for wealthy donors, making the entire process much simpler. It has also launched 15 new funds that organize non-profit organizations by their common causes, making it simpler for donors to support the charities.
Crypto Donations Seeing A Significant Boom
Cryptocurrency donations have seen a significant jump as the year draws to a close. 2021 has seen an increase of 583% in digital asset donations compared to donations in 2020 on Crypto Giving Tuesday, an initiative started by The Giving Block. The Giving Block processed over $2.4 million in gifts on Crypto Giving Tuesday, with donations averaging $12,600.
Speaking about Crypto Giving Tuesday, Co-Founder of The Giving Block, Pat Duffy, stated,
“That day has inspired hundreds of conversations with high-net-worth donors, companies, and projects that want to make gifts.”’
Other Charities See Similar Growth In Donations
Several other charitable organizations have also reported a significant spike in crypto donations, with Tony Oommen, Vice President and charitable planning consultant of Fidelity Charitable, reporting a five-fold increase in donations from 2020 to 2021. He attributed the spike in donations to the unprecedented growth of some crypto assets, citing Bitcoin as an example.
The Tax Angle
Taxes are not considered to be the prime motivation for donations and gifts. Still, it is worth noting that cryptocurrency could be subject to capital gains tax if it is sold for a profit. The amount of time an individual holds the cryptocurrency also affects the taxation rates.
If an individual holds cryptocurrencies for over a year, then the individual could be subject to long-term capital gains tax ranging from 0%, 15%, or 20%. However, any assets held for a duration shorter than a year are only subject to regular income tax. Donating crypto directly to charitable causes helps individuals avoid capital gains tax.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.