Following the devastation caused by Hurricanes Helene and Milton, cryptocurrency donations are becoming a crucial lifeline for affected communities. States such as Florida, Georgia, South Carolina, and North Carolina have suffered substantial damage, and recovery efforts are underway. Various organizations are now accepting crypto donations, leveraging blockchain technology to speed up aid delivery.
One of the leading platforms, The Giving Block, recently launched the "Hurricanes Helene & Milton Emergency Response Fund" to provide direct support to those in need. This fund allows people to donate in cryptocurrency, stocks, and traditional currencies, helping organizations provide medical care, food, shelter, and humanitarian aid. According to Pat Duffy, co-founder of The Giving Block, the fund is partnering with notable nonprofits like Save The Children and Project Hope to ensure that donations go to areas most in need. In addition, the platform's parent company, Shift4, has pledged to match up to $500,000 in donations, doubling the impact of every contribution.
The Blockchain Association has also created an online directory highlighting charities accepting crypto donations, including major organizations like Catholic Charities and The Salvation Army. This initiative aims to streamline the donation process, making it easier for cryptocurrency holders to contribute to relief efforts. Curtis Kincaid, Executive Vice President of Marketing at the Blockchain Association, emphasized that crypto donations are critical in this time of crisis, allowing for quick mobilization of resources to affected regions.
Givepact, another crypto-focused philanthropy platform, is also helping direct funds to local charities such as Florida Wildlife Federation and BeLoved Asheville. Co-founder Alicia Maule shared that cryptocurrency donations tend to be significantly larger than traditional donations, providing nonprofits with a valuable resource during times of crisis. According to Maule, crypto donors give 82 times more than cash donors on average, making them an increasingly important demographic for charitable efforts.
Crypto donations are on the rise, with The Giving Block's latest report indicating that over $2 billion has been donated using cryptocurrency as of January 2024. As more charities accept crypto, this form of donation is rapidly becoming one of the fastest-growing methods of giving in the U.S. However, experts like Jonathan Bander, managing partner at ExperityCPA, warn that regulatory uncertainty, volatility, and limited charity acceptance can pose challenges to broader adoption. Nonetheless, cryptocurrency offers significant tax benefits for donors, making it an attractive option for philanthropists.