Are you a Cryptocurrency Whale?
You would be if you’d purchased $100 worth of Bitcoin in 2010 and held onto it. According to CNBC, that initial crypto investment is now worth about $48 million!
Even if you missed out, that doesn’t mean your nonprofit has to. There are actually quite a few Crypto Whales out there … and many of them are 1) feeling generous 2) looking for a tax break.
What’s crypto? A massive untapped opportunity for your nonprofit. And Planned Giving has an exclusive scoop on a risk-free gifting vehicle that could launch your organization into the stratosphere.
The Crypto Revolution
Cryptocurrency (crypto for short) is a blanket term that covers a wide array of digital currencies that can be used to buy goods and services just like cash.
Proponents say it’s far more secure than traditional payment methods, because it’s powered by an encryption (thus the name) technology called blockchain. Plus, it bypasses the banking system, so it’s faster.
And experts say it’s only a matter of time before it takes over the financial system.
Many companies are scrambling to come up with their own crypto “coins” to get in on the action. Robert Steele, who owns a real estate company and is co-owner of a crypto-company called Rexnet, told us that, “Companies like Facebook will touch a third of the world’s population with their Libra coin … and PayPal brings in over 300,000,000 businesses that can now take or will be taking crypto. McDonalds and Starbucks came in last week. You know they had been analyzing it for at least 2 or 3 years. “
Opportunity is Knocking Loudly
So what does all this have to do with that massive untapped opportunity I mentioned earlier?
Steele and my friend Chase Magnuson, president of Real Estate for Charities, have come up with a cutting-edge cryptocurrency gifting process that’s simple, eliminates any risk for the charity, and will be a huge benefit for both nonprofits and crypto donors alike.
“The problem with cryptocurrency, aside from it being heavily taxed, is that it doesn’t produce any income,” Magnuson says. “People buy it; they speculate on it. They hold it for some period of time. They don’t really want to sell it. It’s purely speculation; an investment-type of asset.”
Their plan uses real estate to turn that cryptocurrency into an income producer and net the donor — who would be creating their own legacy through the gifting mechanism — a substantial tax benefit. They’ve done all the work to make it simple for the nonprofit. And the kind of money that a crypto gift will bring in makes it a no-brainer.
Extra! Extra! Read All About It!
To find out exactly how it works — and how you can get started accepting crypto gifts — check out the next edition of Giving Tomorrow, which features an exclusive interview with Robert and Chase by Assistant Editor Patrick O’Donnell.
You don’t want to miss this edition — trust me. Crypto is already big, and in a few years, it’s going to be huge.
Don’t let your nonprofit get left behind.