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BitcoinTuesday, scheduled for December 1st, aims to become one of the largest cryptocurrency fundraisers in history.
The Giving Block, a cryptocurrency donation firm, has secured partnerships with more than 120 nonprofits and 30 blockchain companies to lead BitcoinTuesday, a one-day event that promotes charitable giving via cryptocurrency.
The event will be attended by some of the biggest names in cryptocurrencies, including Cointelegraph, Gemini, Ledger and Blockfolio. Along with dozens of other blockchain companies, they are taking action to help over 100 charities collect Bitcoin (BTC) and other cryptocurrency donations before the holidays.
BitcoinTuesday will feature several trivia fundraising events, where HODLers can test their knowledge of the cryptocurrency and blockchain industry. Users are also encouraged to create their own fundraising events, such as live streams or poker tournaments, to support their favorite charity.
The Giving Block tells Cointelegraph that BitcoinTuesday 2020 will see “a 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 participate in this year’s event.
According to The Giving Block:
“All of our charities accept more than just Bitcoin. Bitcoin is front and center, but you can donate any cryptocurrency currently supported on Gemini.”
A similar event last year successfully involved a dozen charities. BitcoinTuesday 2020 is an order of magnitude bigger, signaling a clear shift in the way nonprofits view digital assets.
With hundreds of billions of dollars pouring into the cryptocurrency market this year, digital assets offer new fundraising options for charities. The Giving Block tells Cointelegraph that cryptocurrency adoption has a positive impact on donations as holders seek to offset capital gains taxes by making charitable contributions.
They also believe nonprofits themselves can help cryptocurrency adoption by offering users the opportunity to donate through digital assets:
“Nonprofits are adding cryptocurrency as an option through their website and platforms, asking for crypto gifts in their communications, posting about cryptocurrency on social media. This brings their mainstream audience into the crypto scene which is invaluable.”
Of course, charitable donations are nothing new to the crypto community. In December 2017, an anonymous Bitcoin charity called the Pineapple Fund donated 5,057 BTC to 60 charities. The Giving Block is looking to replicate the success of the Pineapple Fund and lay the groundwork for an even bigger charity campaign in the years to come. While there is no set target for how much BitcoinTuesday can raise, The Giving Block states, “we think raising millions is perfectly reasonable.”
They added:
“It will depend on who comes forward and makes a statement!”
Nonprofit charities can participate in BitcoinTuesday by applying directly through The Giving Block. Other companies can participate in the event by becoming sponsors or promotional partners.
If you are a donor interested in making a large cryptocurrency donation, contact The Giving Block to facilitate a conversation between you and the charity of your choice.
