This week we dive into the world of cryptocurrency donations with The Giving Block. Pat Duffy, the Co-founder of The Giving Block shares how and why the cryptocurrency owners are interested in donating.
Setting up donation pages that accept cryptocurrency can open the door to new donors. Pat also shares how they are working on BitcoinTuesday to increase giving around #GivingTuesday.
About The Giving Block
The Giving Block was founded in 2018 after seeing hundreds of millions of dollars in Bitcoin being donated to the few nonprofits that were equipped to accept those donations. Our founders came from cryptocurrency as well as nonprofit fundraising and operations backgrounds.
With the cryptocurrency bull market of 2017-2018, millions of people around the world made a fortune investing in and trading cryptocurrencies like Bitcoin and Ether. Because the IRS treats cryptocurrency as property, these newly minted millionaires had a huge tax incentive to donate Bitcoin and other cryptocurrencies directly to nonprofits. In short, if donated directly to a nonprofit, they would not be liable for capital gains tax and could write it off on their taxes (similar to a stock donation).
About Pat Duffy, Co-Founder The Giving Block
Pat Duffy, Co-Founder of The Giving Block, began as a federal consultant for pharmaceutical companies, focused on collaboration with nonprofits. He then shifted to the nonprofit sector, focusing on executive leadership and fundraising. Merging his nonprofit experience and passion for Bitcoin trading, The Giving Block was born, creating the turnkey cryptocurrency donations solution used by charities around the world.