What? No Crypto?

During a recent call with a large state University in Texas, they revealed their policy of not accepting cryptocurrency donations. After a brief conversation with us, however, they discovered they need not worry about accepting crypto because we handle it for them through QuickGift. In short, we receive the cryptocurrency on their behalf and manage all transactional details, making the process easy for them.

If you find cryptocurrency to be complex, worry not. BlueRidge Giving simplifies the process for you. With the Cryptocurrency donation payment option on QuickGift, we manage your Crypto wallet through a custodial account. We then convert your gift to USD and ACH it to your institution’s designated bank account, just like accepting a credit card payment. Additionally, this payment option is integrated into your giving page alongside other digital wallet payment methods like GooglePay, ApplePay, Venmo, and CashApp.

Why Crypto?
According to the IRS (notice 2014-21), Cryptocurrency donations are generally treated as property and, like real estate or stock donations, when cryptocurrency is donated to charitable organizations the donor may not recognize income, gain or loss from the donation. As a result, donors may realize incentives to give cryptocurrency, while universities and nonprofits can maximize the benefits of receiving higher gross donations.

Deloitte’s Monitor Institute publication on emerging trends in philanthropy and charitable giving suggests that Millennials will inherit $68 trillion over the next several decades, making them a new force in philanthropy. Fidelity Charitable’s study on Cryptocurrency and Philanthropy also revealed that 35% of Alumni Millennials currently hold a Crypto Portfolio.

Despite these trends, only 5% of universities currently accept Cryptocurrency Donations, which begs the question: why?

One common reason cited is the belief that Crypto is a fad. However, the reality is quite the opposite. In fact, the global crypto market cap has grown from 829 billion to 1.23 trillion since Jan 1, 2023, and in the United States alone, crypto has grown a staggering 120 billion in value since the beginning of this year. Additionally, digital banking institutions have rebounded well compared to their traditional counterparts during this time of Central Bank interest rate manipulations to slow down the US economy.

Read More… “The Great Wealth Transfer: Why Universities Need to Adapt to the Rise of the Millennials and Cryptocurrency”

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