Written by Ettore Rossetti
Save the Children has relaunched our cryptocurrency fundraising capability just in time for #BitcoinTuesday, which offers a cryptocurrency twist on #GivingTuesday, a day held on the Tuesday after Thanksgiving that encourages philanthropy.
As part of this initiative, we are now able to accept multiple cryptocurrencies in an automated way through its website (www.savethechildren.org/bitcoin) including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Zcash (ZEC), Litecoin (LTC) and the Gemini Dollar (GUSD).
Save the Children was the first global NGO to accept cryptocurrency. We have accepted Bitcoin donations since 2013, in response to Typhoon Haiyan that struck Southeast Asia and devastated the Philippines.
“Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth HODLing on to,”
stated Ettore Rossetti, Senior Director of Social & Digital Innovation of Save the Children.
Rossetti added, “Since our founding 100 years ago, Save the Children has reached more than 1 billion children. Perhaps the next Bitcoin billionaire can help us reach the next billion children.”
Save the Children is working with The Giving Block, leaders in equipping nonprofits with the tools and techniques to effectively fundraise with cryptocurrency.
By accepting cryptocurrencies, Save the Children is offering supporters with cryptocurrency portfolios the ability to support the organization in a tax efficient way on Giving Tuesday. The IRS classifies cryptocurrency donations as property, meaning they are not subject to capital gains tax and are tax deductible on the donor’s tax returns.
Discussing this year’s #BitcoinTuesday campaign, Alex Wilson, Co-Founder of The Giving Block said, “Giving Tuesday inspires millions around the world to support and give to the causes that matter to them. But, despite the enhanced tax benefits that crypto donations can offer donors, the day has failed to capture the attention of crypto donors in years past.”
His colleague, Co-Founder Pat Duffy followed up with, “Bitcoin Tuesday will introduce a largely traditional audience to Bitcoin and other cryptocurrencies, driving crypto adoption. When nonprofits accept crypto donations, the world sees crypto as the force for good we know it to be.”