Sam Bankman-Fried, Changpeng Zhao, Mt. Gox and Luna. These names and their associated scandals have dominated crypto news and buried cryptocurrency and blockchain's potential for revolutionary humanitarian impact. The headlines tolling doom have cast a shadow over the work of millions of dedicated mathematicians, entrepreneurs, engineers, artists, ecologists and community advocates and repelled onlookers, creating a profound missed opportunity to reshape philanthropy.
In January 2024, The GivingBlock, one of the largest crypto donation platforms, reported that crypto donations had reached more than $2 billion, projected to exceed $10 billion by 2032. Crypto donors, who are largely millennials, contribute on average 128 times more per donation than cash donors. By leveraging tax incentives like capital gain offsets to eliminate taxes on donations, crypto giving is as financially smart as it is impactful.
