The FIU Foundation is now accepting gifts of cryptocurrency, entering a sector of philanthropy that is swiftly gaining traction as the crypto market grows.
Through the online platform Engiven, the foundation can accept 29 forms of virtual currency, including many of the current most popular coins such as Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
The worldwide cryptocurrency market reached $3 trillion in 2021 – quadruple its 2020 year-end value. Pew Research Center data published in November 2021 showed that 16% of U.S. Americans reported they had at some point invested in a form of cryptocurrency, and the proportion rose to 31% among those aged 18-29. In the same report, the center noted it had surveyed Americans in 2015 specifically regarding Bitcoin and found only 1% said they had ever owned Bitcoin.
A report published by the Dorothy A. Johnson Center for Philanthropy shows the trend of cryptocurrency-based philanthropy is similarly growing. It began in 2017 when an anonymous donor known as the Pineapple Fund gifted 5,104 Bitcoins (worth more than $55 million) to 60 charities. In just five years, the total value of total cryptocurrency donations has grown to more than $300 million annually.
“The FIU Foundation is at the forefront of innovation in philanthropy, so accepting crypto was a natural progression for our organization,” said George Corton, vice president for development and innovation philanthropy. “We are always looking for ways to make giving back to FIU more accessible to everybody, 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 the community.”
Through Engiven, a crypto donation is immediately exchanged for USD, thus securing the market value of the crypto at the time the donation is made. Beyond that 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 of the donor’s choosing.
Donating cryptocurrency is a non-taxable event, meaning the donor does not owe capital gains tax on the appreciated amount and can deduct it from their taxes. This makes cryptocurrency donations one of the most tax-efficient ways to support your favorite cause.
Interested in learning more or making a gift of cryptocurrency to FIU? Visit FIU’s Crypto Donations webpage.