The FIU Foundation is now accepting cryptocurrency donations, entering an area of philanthropy that is rapidly gaining traction as the crypto market grows.
Through the Engiven online platform, the foundation can accept 29 forms of virtual currency, including many of the most popular coins such as Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
The world Cryptocurrency market hit $3 trillion in 2021 – quadruple its value at the end of the year 2020. Pew Research Center data released November 2021 showed that 16% of American Americans said they had invested in some form of cryptocurrency at some point, and the proportion rose to 31% among 18-29 year olds. In the same report, the center noted that it polled Americans in 2015 specifically about Bitcoin and found only 1% said they had ever owned Bitcoin.
A report published by the Dorothy A. Johnson Center for Philanthropy shows that the trend of cryptocurrency-based philanthropy is similarly increasing. It all started in 2017 when an anonymous donor known as the Pineapple Fund donated 5,104 Bitcoins (worth over $55 million) to 60 charities. In just five years, the total value of total cryptocurrency donations has grown to over $300 million per year.
“The FIU Foundation is at the forefront of innovation in philanthropy, so embracing crypto was a natural progression for our organization,” said George Corton, vice president for philanthropic development and innovation. “We are always looking for ways to make donating to CRF more accessible to everyone, so we are excited to be able to work with those interested in crypto to see how their investments can make a difference in the lives of our students and from the community. .”
Through Engiven, a crypto donation is immediately exchanged for USD, thereby securing the market value of the crypto at the time the donation is made. Beyond this point, a donation of crypto to FIU serves the same purpose as other more traditional donations: to benefit the scholarship, program, research, or other FIU initiative chosen by the donor. .
The gift of cryptocurrency is a non-taxable event, which means that the donor does not owe capital gains tax on the amount appreciated and can deduct it from their taxes. This makes cryptocurrency donations one of the most tax-efficient ways to support your favorite cause.
Want to learn more or donate cryptocurrency to CRF? Visit the FIUs Crypto donations webpage.