Bitcoin Tuesday, scheduled for Dec. 1, aims to become one of the largest cryptocurrency fundraisers in history.
The Giving Block, a crypto donations company, has secured partnerships with over 120 nonprofits and 30 blockchain companies to spearhead Bitcoin Tuesday — a one-day event that promotes charitable giving via cryptocurrency.
Some of the biggest names in crypto will participate in the event, including Cointelegraph, Gemini, Ledger and Blockfolio. Along with dozens of other blockchain companies, they are stepping up to help over 100 charities collect Bitcoin (BTC) and other cryptocurrency donations before the holidays.
Bitcoin Tuesday 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 livestreams or poker tournaments, to support their favorite charity.
The Giving Block told Cointelegraph that Bitcoin Tuesday 2020 will see “1,000% growth in nonprofits accepting cryptocurrency donations.” Organizations such as Save the Children, No Kid Hungry and the American Cancer Society are just some of the charities that will participate in this year’s event.
According to The Giving Block:
"All our charities accept more than just Bitcoin. Bitcoin is front and center, but you can donate every crypto currently supported on Gemini."
A similar event last year successfully onboarded a dozen charities. Bitcoin Tuesday 2020 is an order of magnitude bigger, signaling a clear shift in how nonprofits view digital assets.
With hundreds of billions of dollars flowing into the cryptocurrency market this year, digital assets offer new fundraising options for charities. The Giving Block told Cointelegraph that crypto adoption has a positive impact on donations, as holders look to offset capital gains taxes by making charitable contributions.
They also believe that nonprofits themselves can aid crypto adoption by offering users the opportunity to donate via digital assets:
"Nonprofits adding crypto as an option across their website and platforms, calling for crypto gifts in their communications, posting about crypto on social. This drives their mainstream audiences into the crypto scene which is invaluable."
Of course, charitable giving is nothing new for the crypto community. In December 2017, an anonymous Bitcoin charity called the Pineapple Fund gave away 5,057 BTC to 60 charities. The Giving Block is looking to replicate the success of the Pineapple Fund and lay the foundation for an even bigger charity drive in years to come. Although there is no set goal for how much Bitcoin Tuesday can raise, The Giving Block said, “We think raising millions is perfectly reasonable.”
It added:
“It will depend on who steps up and makes a statement!"
Nonprofit charities can participate in Bitcoin Tuesday by applying directly through The Giving Block. Other companies can participate in the event by becoming a sponsor or promotional partner.
If you are a donor interested in making a large crypto donation, contact The Giving Block to facilitate a conversation between you and the charity of your choice.