Top 5 Global Charities That Accept Bitcoin Donations

Receiving cryptocurrency donations has two major benefits. First and foremost, the donation reaches the organization faster because it is not routed through third-party banking institutions. Second, the decentralized blockchain system provides full transparency, allowing the public to see where donations are going.

By accepting cryptocurrency donations, non-governmental organizations (NGOs) and other projects increase their level of trust and encourage the public to donate to their cause. Here are the top 5 global charities (in no particular order) to which you can make a donation using Bitcoin, Ethereum, or other cryptos.

UNICEF

UNICEF works in over 190 countries and territories to help children survive, prosper, and reach their full potential. They are the largest provider of vaccines and support children’s health and nutrition.

UNICEF launched the CryptoFund in October 2019. This is a financial platform that enables UNICEF to accept, hold, and disburse cryptocurrency. The CryptoFund is a Bitcoin and Ethereum pooled fund. It is a component of UNICEF’s Innovation Fund, with the exception that investments made through the CryptoFund are made in cryptocurrency.

The CryptoFund intends to create visibility for the donor and the public by sharing public records of crypto transfers, adding a layer of transparency to the donation and investment processes. The CryptoFund is a UNICEF prototype fund that will investigate the use of digital currencies and what it means to operate in digital finance long term. So far in total, they have received 8 BTC and 2527 ETH in donations from 3 separate sponsors.

Fidelity Charitable

Fidelity Charitable is an independent public charity that has given more than $26 billion in donations to over 235,000 nonprofit organizations. Fidelity Charitable, founded in 1991, pioneered the first national donor-advised fund program.

They first started accepting donations in the form of Bitcoin in November 2015. According to Fidelity’s 2021 Charitable Giving report, which details its annual efforts, the company received $28 million in cryptocurrency donations. The $28 million figure represents a significant increase over the $13 million collected by Fidelity Charitable in 2019.

GiveCrypto

GiveCrypto is a nonprofit organization that aims to use cryptocurrency to benefit people all over the world. Cryptocurrencies can be donated directly to GoveCrypto.org. They then collaborate with nonprofits on the ground to help distribute the cryptocurrency.

Brian Armstrong, the co-founder, and CEO of Coinbase created this project. The company plans to raise $10 million in the capital. He personally donated $1 million to GiveCrypto. The project will seek out trustworthy local “ambassadors” to handle payments, and it may also collaborate with nonprofits and develop ways to monitor money flow.

Khan Academy

Khan Academy is a non-profit organization dedicated to providing free, world-class education to people all over the world. They provide free online educational materials (e.g., educational videos, practice exercises, dashboard analytics, and teacher tools) to users of all ages. They offer lessons in math, science, financial services, history, and even bitcoin.

They started as early as August 2013 accepting donations in Bitcoin. In January 2021 the Khan Academy received a $5 million donation from Tesla CEO, Elon Musk. The organization currently accepts Bitcoin, Bitcoin Cash, Ether, and Litecoin.

GiveDirectly

GiveDirectly is a charitable organization that allows donors to send money directly to the world’s poorest residents. Since 2009, they have handed over $400 million in cash directly into the hands of over 1 million low-income households. At the time of writing, they have operations in Morocco, Malawi, Kenya, Rwanda, Liberia, Togo, the Democratic Republic of the Congo, and the United States.

On 22 March 2021 GiveDirectly received a 50.87 BTC donation from the CEO of Twitter, Jack Dorsey. This donation came from Dorsey’s first-ever tweet he put on auction as an NFT.

Furthermore, they have received $5 million from the Pineapple Fund in 2017, more than $5 million from Ethereum founder Vitalik Buterin and $10 million from an anonymous donor. GiveDirectly accepts donations in the form of Bitcoin, Ethereum, and Doge.

Final Thoughts

Why do people donate in cryptocurrency? Donations of cryptocurrency are taxed differently in the United States. The IRS considers a cryptocurrency donation to be property, which means it is exempt from capital gains tax. This allows donors to reduce their tax obligations while also supporting causes close to their hearts.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Bitcoin Price Dip Shaves Off $7 Billion From Balance Sheets

Bitcoin Price Crash Affects Big Money HoldersBack in November 2021, the price of Bitcoin surged to an all-time high (ATH) of about $69,000. However, BTC (the biggest cryptocurrency by market capitalization) plunged later in January 2021 to around $33,000, the lowest level on record since...
Read More

Why China’s Crackdown On Crypto Mining Could Be Good For BTC

Over the weekend, Chinese authorities cracked down on crypto mining activities in Sichuan, one of the major mining hubs in China. Sichuan is an ideal Bitcoin mining center because of the availability of cheap and efficient hydroelectric power. However, the authorities claimed that miners were...
Total
0
Share