Crypto Donations Average Almost $13k/Donor on THIS Day
We're talking about Giving Tuesday, coming up November 29, 2022 of course, but there's more to the story and several lessons your nonprofit can learn from historical cryptocurrency philanthropy data.
Looking at crypto giving stats over the last few years we know that the total cryptocurrency giving has seen rapid growth (up 839%) as a whole since 2019, and also that Giving Tuesday is especially profitable for nonprofits who are set up to accept crypto. It's the biggest day of the year for online cash giving, and cryptocurrency is no exception.
From the above article via The Giving Block, an organization that allows nonprofits to accept crypto as cash in exchange for a small transaction fee, the average crypto donation is already over $10,000. That's nearly x20 the size of the average cash donation in the same timeframe. People who give crypto tend to give big. 2021 saw a 583% increase in donations over the previous year.
On Giving Tuesday last year, $2,401,000 was given away in crypto gifts averaging $12,600 per gift. Based on giving data this year so far, we don't expect much of a dip in those numbers, and the average could even be higher with inflation where it is today. With a dip in total crypto value earlier this year, but also more total people owning crypto assets, we may not yet be able to predict the movement compared to 2021, but we know that donors can avoid all capital gains taxes on donating crypto to their favorite charity through companies like The Giving Block.
For nonprofits, the key is not to try to shift from cash giving to crypto giving, but to simply add accepting crypto to the fundraiser tool belt. Donors looking to give away tens of thousands of dollars this year on Giving Tuesday will certainly be donating, and will choose based on which charities can accept crypto while maximizing tax benefits. If you want a piece of the pie of currencies like Ethereum, Bitcoin, USD Coin, Uniswap, and Tezos, the largest cryptocurrencies by donation volume, we would highly encourage getting set up to accept crypto donations!
If you'd like to learn more about setting up your charity to accept cryptocurrency, you can book a free 30-minute demo with The Giving Block to make a more informed decision on whether or not it's a good fit.
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