If you’re like the vast majority of community members, cryptocurrency is still this mystical thing that’s difficult to wrap your brain around … or maybe you own crypto like my husband and I do. If you were one of the early adopters, you now have a lot of gains that you may want to put to use for community betterment — crypto-philanthropy if you will.
Regardless of your comfort level with cryptocurrency, it is here and it is being gifted to Community Foundations all over the country by donors who are looking to bypass large capital gains taxes on their holdings while also doing good in their communities.
Though crypto is a newer type of gift being given, it’s really not that unusual compared to other types of gifts the Community Foundation has received over the years. Francis Wilson gifted her New York City condo to the Community Foundation, the Blue Water River Walk transpired because of a gift of land from James C. Acheson and we even received a Lincoln Navigator from Alice and the late Don Giese. Our most unique gift of late may be the thousands of collection pieces within the Knowlton Museum.
We’re here at the Community Foundation to help people give back and we encourage donors to reach out to us to explore any type of gift they are interested in giving. This past year, donors worked with us because they wanted to support causes and organizations that aid victims of domestic violence, help students afford college, beautify their town, support local businesses and so much more. The primary motivation for doing anything good for others in our hometowns almost always stems from a desire to make it better for those around us.
Donors looking for these opportunities to make a positive impact in their communities with their crypto is just the same. Exploring gift ideas of crypto is a big opportunity because given the monumental gains, bitcoin alone rose nearly 70% last year, donors are increasingly looking for their charitable options.
We certainly recognize that the cryptocurrency market is still extremely volatile and largely unregulated, with wild swings in currency values. But our Community Foundation feels donations through bitcoin and other crypto will continue to become more commonplace, and undoubtedly crypto-philanthropy will grow. We’re ready to help guide crypto-philanthropy in the Thumb Coast and I look forward to embracing this new giving opportunity for our community.