03/03/2022
Donating bitcoin to Providing children and families with immediate aid such as food, water, hygiene kits, psychosocial support, and cash assistance to protect children from the crisis
How donating bitcoin and other cryptocurrencies directly to charity increases the size of your gift
Before you sell bitcoin and donate the after-tax proceeds, consider donating your bitcoin directly to charity. This model includes two significant benefits, both for you and the charity:
Your tax deduction will be equal to the fair market value of the donated bitcoin (as determined by a qualified appraisal).
Your gift to charity will be larger because instead of paying capital gains taxes, the 501(c)(3) charity will receive the full value of your contribution.
There’s another upside to donating bitcoin to a public charity with a donor-advised fund program, the opportunity to recommend how the contribution is invested and potentially grow it tax-free, ultimately providing greater charitable/philanthropic support.
This is potentially a new factor in complex situations — the idea of fundraising and crowdfunding for defense efforts
Two factors, experts said, make cryptocurrencies attractive as a form of donation in times of conflict.
First, they are decentralized, which means they can be accessed even when banks are in turmoil and traditional currency is fluctuating in value.
Since the conflict began, citizens in Ukraine have had limited access to currencies and cash withdrawals, making crypto an attractive option due to their decentralized nature.
"Cryptocurrency is designed to be borderless, decentralized money, so it's certainly finding another moment of high utility amid the crisis in Ukraine
As the military invasion in Ukraine escalates, millions of people are facing a serious humanitarian crisis and are in need of urgent assistance.
Together, we can support communities impacted by this devastating violence and the regions open to helping displaced people.
All donations raised will be distributed to verified nonprofit organizations supporting vulnerable communities to obtain access to shelter, food, medical services, education, and psychosocial support, as well as other people impacted.
We are collaborating with a number of partners including the US Department of State and Global Giving to identify organizations that are providing effective relief now to those impacted.
We will continue to evaluate this ever-shifting situation, add recipient charities to the list as they are properly vetted to confirm funds can be sent where needed and can reach those on the ground who need support. We will post timely updates when grants have been made.
Will you join us in providing needed help to impacted civilians? Send a DM
