EngiVen, a cryptocurrency donation platform that has helped facilitate donations to The Salvation Army and other organizations, expects religious groups and nonprofits to see significant cryptocurrency charitable donations tomorrow to charity.
The Tuesday after Thanksgiving in the United States is celebrated as the day when people and organizations come together to donate their time and money to important causes – wherever they are. Engiven founder James Lawrence said he expects to see more cryptocurrency-based donations as part of the global bounty movement, given the rising prices of bitcoin (BTC), ether (ETH) and other tokens.
According to Lawrence, the platform has facilitated cryptocurrency donations to over 400 religious organizations, including a $ 10 million Bitcoin donation in October, and donations “roughly fifty times larger” as people chose crypto as a medium of exchange. He reports that the average donation to Engiven by credit card since 2011 is around $ 150, and any cryptocurrency is $ 7,500.
“As it stands, a cryptocurrency donation is an effective donation and a significant tax deduction if a donor appreciates a cryptocurrency that he has held for over a year,” Lawrence said. “It’s not uncommon to see five or six donations to ministries on our platform.”
he added:
Cryptocurrency is difficult to understand, but the value of a large cryptocurrency donation converted into cash is not. And here’s what’s going on. ”
Engiven helped organize cryptocurrency donations to The Salvation Army, one of the largest charities in the world, ahead of Christmas 2020, when many US residents were socially isolated, locked out, or unable to physically invest in the group’s traditional red hot water boilers. … According to the platform, The Salvation Army will renew its efforts this holiday season with a fundraiser around “Crypto at the Red Kettle,” a charity currently accepting BTC and ETH.
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The Giving Block, another platform that allows nonprofits and charities to accept cryptocurrency donations, is also trying to raise money for Charity Tuesday, also known as Crypto Giving Tuesday. The site announced a goal to donate over $ 100 million worth of cryptocurrency by 2022, “with hundreds of non-profit organizations preparing to attract cryptocurrency during November and December.”
“Before the COVID-19 pandemic, most nonprofits had an online strategy and donations were part of that,” Lawrence said. “Today, no religious organization, churches or non-profit organization can afford to ignore their online audience, their sponsors and their researchers. Cryptography is rapidly becoming part of this online ecosystem. “
