You may have heard the term “cryptocurrency” and wondered what it was all about. Merriam-Webster defines cryptocurrency as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.”
According to The Giving Block, there are currently about 35,000,000 cryptocurrency users in the US and 70,000,000 globally, with the number of users doubling from 2017 to 2019 (as of early 2020). There are many forms of cryptocurrency such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Cryptocurrency donors are generally online Millennials and Gen Z donors. In total, there is about $300,000,000 donated in the form of cryptocurrency each year, with Bitcoin donations making up more than 90% of cryptocurrency donations. Donating cryptocurrency like Bitcoin to 501(c)3 nonprofit organizations is tax-deductible in the United States, helping donors potentially reduce their tax obligations while supporting organizations whose missions they care deeply about.
Joe Newhouse, VP of Strategy, Innovation and Creative for MATTER shared the reason for moving to cryptocurrency donations as an option.
We are always looking for ways to share our mission with new audiences. Accepting cryptocurrency helps us connect with even more people that can help to kickstart big ideas to change the world.
Now that we accept cryptocurrency, sending donations is quick and easy. Simply head to the cryptocurrency donation page on our website to learn more or contribute using your unique wallet address or QR code to complete the transaction. Enter your email address on the final screen to automatically receive a tax receipt.
MATTER is excited about the opportunity to make cutting-edge tools, like cryptocurrency, available to our donors to allow new ways to contribute to our work around the world!