Phoenix-based nonprofit Teen Lifeline is now one of several thousand nonprofit organizations in the United States accepting cryptocurrency donations, joining the ranks of much larger, national nonprofits like the Ronald McDonald House, Save the Children and the Make-A-Wish Foundation of America.
The IRS classifies cryptocurrency as property, so donations to qualifying charities receive the same tax benefits as donating stocks. According to The Giving Block, a cryptocurrency giving portal used by nonprofits, charities, universities and faith-based organizations, millennial and Gen Z donors are the most likely to make cryptocurrency donations.
Statewide teen suicide prevention organization Teen Lifeline will accept Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Litecoin, Polygon or any tokens currently accepted on the Gemini Exchange. The cryptocurrency is sent to The Giving Block, which instantly converts crypto donations to cash and then sends a weekly deposit to the nonprofit.
“All contributions provide the resources we need to save lives,” says Michelle Moorhead, Teen Lifeline executive director. “Accepting donations in new ways, like cryptocurrency, gives our donors even another opportunity to help us provide essential intervention services to assist Arizona teenagers in crisis.”