Organizations Receive Cryptocurrency Contributions to Assist Individuals Affected by Hurricanes Helene and Milton

Hurricane Helene and Hurricane Milton have caused widespread devastation affecting millions of individuals.

Various states across the United States, including Florida, Georgia, South Carolina, North Carolina, Virginia, and Tennessee, have all experienced the impact.

As recovery initiatives continue, several Web3-oriented organizations are facilitating cryptocurrency donations to assist communities impacted by the recent hurricanes.

The Giving Block Establishes A Hurricane Relief Fund

For instance, the cryptocurrency charity donation platform The Giving Block has recently launched the “Hurricanes Helene & Milton Emergency Response Fund.”

This fund aims to support charitable organizations in their relief operations.

With the historic #HurricaneMilton anticipated to strike areas of Florida, still recovering from #HurricaneHelene, @rookisaacman has pledged $500K to MATCH ALL DONATIONS to our emergency fund and participating organizations. Donate now to help us achieve our $1M target. https://t.co/43BynGU8Po pic.twitter.com/1k89pUjqGe

— The Giving Block (@TheGivingBlock) October 9, 2024

Pat Duffy, co-founder of The Giving Block, informed Cryptonews that The Giving Block has collaborated with various nonprofits to address the essential needs of communities seeking assistance.

“We are coordinating with each of these organizations to ensure that donations are directed towards providing vital services such as medical care, food, shelter, and humanitarian aid for children, families, and animals affected by the disaster,” Duffy stated.

The Giving Block is collaborating with several prominent organizations like “Save The Children” and “Project Hope” to facilitate crypto donations and more.

“We’re enabling individuals to contribute in various ways – crypto, stocks, donor-advised funds, credit cards – to enhance the impact of their donations during this urgent period,” he added.

Duffy also mentioned that Jared Isaacman – the CEO of The Giving Block’s parent company Shift4 – will match the next $500,000 in contributions.

“Every single donation, across all these giving methods, is currently being matched dollar for dollar until we reach our initial $1,000,000 in support,” Duffy noted.

Blockchain Organizations Promote Charities Accepting Crypto Donations

The Blockchain Association – a nonprofit organization based in Washington, DC that advocates for digital assets – has created an online directory of various charities aiding in relief and recovery efforts for Hurricanes Helene and Milton.

Included organizations are “Catholic Charities,” “The Salvation Army,” and “Americares.”

Our thoughts and prayers are with the families affected by #HurricaneHelene and those in the path of #HurricaneMilton.
Blockchain Association is proud to support relief efforts and provide resources for those who wish to contribute. https://t.co/bJoYvDB7vf

— Blockchain Association (@BlockchainAssn) October 9, 2024

Curtis Kincaid, Executive Vice President of Marketing and Communications of The Blockchain Association, told Cryptonews that these charities are delivering essential services such as medical care, food, and shelter.

“For those interested in donating crypto, the charities we highlighted provide direct links for contributions,” Kincaid stated.

The crypto philanthropy platform Givepact also released a blog post this week to raise awareness on how crypto donors can assist in relief efforts.

A number of local charities, such as “Florida Wildlife Federation” and “BeLoved Asheville,” are referenced in this post.

5 Florida organizations providing aid and relief after #HurricaneMilton #HurricaneHelene, you can donate crypto to right now: https://t.co/PTkxvHkuy4

— Givepact (@give_pact) October 10, 2024

Alicia Maule, co-founder and CEO of Givepact, informed Cryptonews that Givepact allows donors to support local organizations assisting those affected by disasters like the recent hurricanes.

“Givepact exclusively accepts cryptocurrency donations,” Maule stated. “We focus on mobilizing resources swiftly for communities in need.”

Crypto Donations Are Increasing

Maule added that crypto donors generally contribute 82 times more than cash donors.

“This makes these individuals a significant source of support for nonprofits,” she remarked. “This also enables organizations to engage with a new generation of philanthropists and high-net-worth donors.”

The Giving Block’s Annual Industry Report on the State of Crypto Philanthropy indicates that over $2 billion is estimated to have been donated via cryptocurrency as of January 2024.

Exciting news!
The 2024 Annual Report on Crypto Philanthropy is out now.
Check out the thread below for key highlights! https://t.co/BAn8rtabYr

— The Giving Block (@TheGivingBlock) February 29, 2024

Findings also reveal that 56% of leading U.S. charitable organizations now accept crypto donations.

According to Duffy, cryptocurrency has emerged as one of the fastest-growing donation methods in the U.S. over the past several years.

He attributes this trend to the increasing number of crypto investors, along with the advantages linked to donating digital assets.

“Similar to stocks, crypto is significantly more favorable for taxes than giving cash,” Duffy explained. “That’s because when Americans spend crypto elsewhere or sell their crypto for cash, they incur capital gains taxes owed to federal and state governments. However, this does not apply when they donate.”

It is also important to note that cryptocurrency is currently exempt from wash sale regulations.

Jonathan Bander, managing partner and head of tax strategy at ExperityCPA, informed Cryptonews that this allows investors to sell cryptocurrency at a loss for tax purposes and immediately repurchase the same asset without waiting 30 days.

“This aids in maximizing tax-loss harvesting strategies effectively,” Bander stated.

However, despite the numerous benefits associated with crypto donations, Bander noted that regulatory uncertainty, value volatility, limited charity acceptance, and the necessity for education on the topic may pose challenges.

The post Organizations Accept Cryptocurrency Donations to Help Those Impacted By Hurricanes Helene and Milton appeared first on Cryptonews.