Bitcoin Tuesday, slated for December 1, is set to become one of the largest cryptocurrency pools in history.
Cryptocurrency donation company Giving Block has partnered with more than 120 nonprofits and 30 blockchain companies to create BitcoinTuesday, a one-day event promoting charitable gifts using cryptocurrency.
The event will feature some of the biggest names in the cryptocurrency space, including Cointelegraph, Gemini, Ledger and Blockfolio. Along with dozens of other blockchain companies, they help more than 100 charities raise Bitcoin (BTC) and other cryptocurrency donations before the holiday.
BitcoinTuesday will include several fundraising events where HODL members can test their knowledge of the cryptocurrency and blockchain industries. Users are also encouraged to create their own fundraising tools such as live broadcasts or poker tournaments to support their favorite charity.
Cointelegraph Trust Fund tells BitcoinTuesday 2020 will see “1,000% growth in nonprofits accepting cryptocurrency donations.” Organizations like Save the Children, No Hungry Children, and the American Cancer Society are just a few of the charities that will attend this year’s event.
According to The Giving Block:
“All of our charities accept more than just Bitcoin. Bitcoin is in the spotlight, but you can donate any cryptocurrency that is currently supported on Gemini.”
A similar event succeeded last year with the participation of dozens of charitable organizations. Bitcoin on Tuesday 2020 is a bigger order in size and signals a clear change in nonprofits’ views of digital assets.
With hundreds of billions of dollars pouring into the cryptocurrency market this year, digital assets offer new fundraising options for charities. The donation fund tells Cointelegraph that the use of cryptocurrency has a positive effect on donations, as its holders appear to offset the capital gains tax by making charitable donations.
They also believe that nonprofits themselves can contribute to the adoption of cryptocurrency by giving users the ability to donate using digital assets:
“Non-profit organizations are adding cryptocurrency as an alternative to their websites and platforms, requesting cryptocurrency in communication, and posting cryptocurrencies on social networks. It attracts their regular audience to the cryptocurrency scene, which is invaluable.”
Of course, charity isn’t something new to the crypto community. In December 2017, an anonymous Bitcoin charity called the Pineapple Fund donated 5,057 BTC to 60 charities. Giving Block wants to recreate the success of the Pineapple Fund and lay the foundation for a larger charity in the years to come. Although there is no indication of how much Bitcoin will grow on Tuesday, The Giving Block says, “We think it is wise to collect millions.”
“It will depend on who takes the floor and speaks!”
Non-profit charities can participate in BitcoinTuesday by applying directly through The Giving Block. Other companies can participate in the event by becoming a sponsor or advertising partner.
If you are a donor interested in making a significant donation of cryptocurrency, you can contact The Giving Block to facilitate the conversation between you and the desired charity.