Crypto News

#BitcoinTuesday: Tax Deductible Crypto Charity on International Day of Giving

A crypto-focused charity organisation has declared today #BitcoinTuesday in an effort to promote the perks of donating cryptocurrency to non-profits. The initiative is the work of TheGivingBlock, with sponsorship from several notable blockchain-related companies.

Cryptocurrency donations, being considered as property, are not subject to capital gains and are tax deductible. This can make digital assets a more effective way to contribute to charitable causes.

Crypto Companies Promote #BitcoinTuesday Charity Initiative

The crypto space now has its own version of #GivingTuesday. The aptly-titled #BitcoinTuesday initiative calls on the cryptocurrency community to donate a portion of their holdings to charitable causes following the commercialism of the trifecta of Thanksgiving, Black Friday, and Cyber Monday.

For those that don’t know, #GivingTuesday is a movement promoting the giving to charity during the holiday season. It was started in 2011 by the non-profit organisation Mary-Archie Theater Company and falls on the Tuesday following the US Thanksgiving. It originally began on the Monday after the holiday but was moved to the following day so as not to clash with the online retail sales event Cyber Money.

Inspired by the growing success of the now international event, crypto startup TheGivingBlock created its own version, known as #BitcoinTuesday. TheGivingBlock is a company that removes as many of the barriers to donating Bitcoin and other crypto assets to non-profits as easy as possible.

Several large cryptocurrency firms are involved in the initiative. These include Brave, BottlePay, CoinTracker, and Gemini. Firms sponsoring #BitcoinTuesday are not only encouraging their users to donate digital currency to the charities working with TheGivingBlock but also by running their own promotions. For example, the major crypto trading venue Gemini will be donating part of the trading fees it makes today to the charitable causes already signed up to TheGivingBlock.

A Medium post by Gemini’s Sales and Relationship Management, Kristen Mirabella, explained how the exchange was part of the charitable startup’s actual donation process. Gemini is responsible for the conversions of donations in Bitcoin, Ether, and other supported currencies into fiat currencies.

Given the legal status of cryptocurrency in the US and other jurisdictions, those behind #BitcoinTuesday are hoping that the fintech innovation will prove a popular way to donate to charities. Crypto assets are treated as property and, therefore, donating them to registered non-profits does not incur capital gains taxes. Additionally, you can often deduct the fair market value of the assets from your tax return. The amount you’re entitled to deduct does depend on your annual income, the amount of time you held the crypto for, and the value of your donation. If you’re wanting to take advantage of the favourable legislation surrounding crypto donations, ensure that you consult a qualified accountant.

Already working with TheGivingBlock is a long list of established international charities. These include Save the Children, Human Rights Foundation, Trees for the Future, Code to Inspire, and Canine Therapy Corps.

 

Related Reading: Leading Medical Charity Exploits Cryptocurrency Tax Status by Accepting Bitcoin and Others

Featured Image from Shutterstock.

The post #BitcoinTuesday: Tax Deductible Crypto Charity on International Day of Giving appeared first on NewsBTC.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Ripple Q2 2020 Report: XRP Sales Increased 19-Fold
The XRP Markets Report shows Ripplenet’s On-Demand Liquidity network experienced 11x growth compared to 2019, while XRP sales surged...
Bitcoin’s 10% Drop Shrugged Off – Traders Expect More Big Dips On the Way Up
Bitcoin investors are shrugging off the recent drop in value that saw a loss of over 10.9% on Sunday....
The Search for our next Blockchain.com Ventures Team Member
The Search for Our Next Blockchain.com Ventures Team Member We’re now 2 years into Blockchain.com Ventures, and ~15 investments later,...
Four-Year Anniversary of Bitfinex Hack, and $12M of Stolen BTC Moved
Hackers transferred roughly $12M from wallets connected to the Bitfinex breach, in which 120,000 Bitcoin was stolen in August...
Russian Government Bans Anonymous Wallet Deposits
Lawmakers contend that the Russian government’s intent is to curb illicit financial activity. The Russian Federation has banned anonymous...
Deceived Crypto Investors Launched Their Own Scam to Recoup Losses
Investors in China launched a crypto scam after being deceived themselves — and got busted by the police. Chinese...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...