You can now contribute to breast cancer causes in crypto. Susan G. Komen, the largest breast cancer charity, has said it’ll be accepting donations in digital assets. The charity is partnering with The Giving Block (TGB), a crypto charity enabler, to facilitate those donations.
The charity announced the partnership through a Twitter post on December 26, 2021. That announcement read, ” Through a partnership with The Giving Block, Susan G. Komen now accepts cryptocurrency as a form of donation.”
The Susan Goodman Komen Foundation was formed in 1980. It takes its name from a fashion model with the same name who succumbed to breast cancer at 36, three years after her diagnosis.
Susan’s younger sister Nancy Brinker is the founder. The charity funds breast cancer research, community health awareness and advocacy globally. Since 1982, it has invested over a billion dollars in breast cancer research.
Why S.G Komen Is Taking Crypto Donations
S.G Komen sees this as an opportunity to expand its plans in fighting breast cancer. Furthermore, it will give the charity more options in saving the lives of people globally.
Additionally, S.G Komen says well-wishers can now contribute to its causes using several cryptos. Chief among these are Bitcoin and Ethereum. But you can also do so using one of the many popular meme coins such as Shiba Inu and Dogecoin.
This news drew quick reactions on Twitter. The charity’s partner in the venture, The Giving Block, was among the first to react. It expressed its excitement at their new partnership. Its reply to the tweet appreciated the charity joining The Giving Block community.
The two then went on to justify the importance of crypto donations. In a shared statement, they said donating crypto to nonprofits is tax efficient. Besides, it can help you save money.
Their statement adds that the IRS considers crypto as taxable property. Thus, your crypto donations earn you tax deductions based on the crypto’s market value. Moreover, you get exemptions from capital gains tax reporting.
On the contrary, you’d attract capital gains tax if you sold the crypto before your donation. The relief from capital gains enables you to contribute more. Additionally, you can deduct as much as 30 percent of your tax returns.
Crypto Donations Are on the Rise
A recent CNBC report indicates that crypto donations are surging. The report also shows TGB has experienced an over 580% rise in crypto donations this year compared to its 2020 Crypto Giving Tuesday campaign.
Likewise, data from other firms mirrors TGB. For instance, Fidelity Charitable VP Tony Oommen says they’ve recorded about fivefold growth in crypto donations from 2020 to 2021.
The firm also says that 45 percent of crypto holders donated at least $1,000 to charitable causes in 2020. The figure trumps the average of 33 percent of investors contributing the same amount overall.