Crypto Philanthropy Is on the Rise as Museums Get Creative with Non-Cash Donations
A growing number of high-profile museums are embracing non-traditional donations, including cryptocurrency and shares in startup companies. These gifts are not only providing a much-needed influx of funding but also reflecting the changing values and priorities of younger donors.
The Toledo Museum of Art, for example, has been receiving a range of non-cash donations, from artworks to real estate and even cryptocurrencies like Bitcoin. The museum's director, Adam Levine, acknowledges that these gifts can be more complicated to process than traditional cash donations but says that the flexibility is worth it.
"The types of gifts we'll accept are quite varied," he explained. "We don't have people on staff with expertise in real estate and crypto, so we rely on our development department to figure out what to do with these kinds of donations."
For instance, when a local family donated shares in a pharmaceutical company, the museum was able to liquidate them immediately and use the funds towards its operations. Similarly, when an estate was turned over to realtors for sale, the proceeds went directly into the museum's bank account.
While some museums may be hesitant to accept cryptocurrency donations due to concerns about volatility, others see it as a valuable opportunity for fundraising. The Metropolitan Museum of Art, for example, accepts cryptocurrency and has seen significant growth in its crypto-related donations over the past year.
Crypto philanthropy is also gaining traction among high-profile donors, with millennials and younger Gen Xers leading the way. According to Forbes, more than 70% of top charities now accept cryptocurrency donations, up from just 12% in 2020.
The rise of non-cash donations has significant implications for tax laws and charitable giving. Donors may receive a tax deduction for their gift, usually 30% of the item's fair market value, if they've held onto it for more than a year.
However, finding an appraiser with expertise in crypto can be challenging, and some museums have adopted a policy of not recommending appraisers to donors. Instead, they often rely on platforms like The Giving Block or Fidelity to handle the process.
The increasing popularity of cryptocurrency as a donation vehicle also underscores its volatility, which can make it difficult for museums to value these gifts. However, crypto experts argue that this transparency is actually an advantage, with real-time pricing data available across multiple exchanges 24/7.
As the art world continues to evolve, it's likely that we'll see more museums embracing non-cash donations – including cryptocurrency – as a way to stay ahead of the curve and meet the changing needs of donors.
A growing number of high-profile museums are embracing non-traditional donations, including cryptocurrency and shares in startup companies. These gifts are not only providing a much-needed influx of funding but also reflecting the changing values and priorities of younger donors.
The Toledo Museum of Art, for example, has been receiving a range of non-cash donations, from artworks to real estate and even cryptocurrencies like Bitcoin. The museum's director, Adam Levine, acknowledges that these gifts can be more complicated to process than traditional cash donations but says that the flexibility is worth it.
"The types of gifts we'll accept are quite varied," he explained. "We don't have people on staff with expertise in real estate and crypto, so we rely on our development department to figure out what to do with these kinds of donations."
For instance, when a local family donated shares in a pharmaceutical company, the museum was able to liquidate them immediately and use the funds towards its operations. Similarly, when an estate was turned over to realtors for sale, the proceeds went directly into the museum's bank account.
While some museums may be hesitant to accept cryptocurrency donations due to concerns about volatility, others see it as a valuable opportunity for fundraising. The Metropolitan Museum of Art, for example, accepts cryptocurrency and has seen significant growth in its crypto-related donations over the past year.
Crypto philanthropy is also gaining traction among high-profile donors, with millennials and younger Gen Xers leading the way. According to Forbes, more than 70% of top charities now accept cryptocurrency donations, up from just 12% in 2020.
The rise of non-cash donations has significant implications for tax laws and charitable giving. Donors may receive a tax deduction for their gift, usually 30% of the item's fair market value, if they've held onto it for more than a year.
However, finding an appraiser with expertise in crypto can be challenging, and some museums have adopted a policy of not recommending appraisers to donors. Instead, they often rely on platforms like The Giving Block or Fidelity to handle the process.
The increasing popularity of cryptocurrency as a donation vehicle also underscores its volatility, which can make it difficult for museums to value these gifts. However, crypto experts argue that this transparency is actually an advantage, with real-time pricing data available across multiple exchanges 24/7.
As the art world continues to evolve, it's likely that we'll see more museums embracing non-cash donations – including cryptocurrency – as a way to stay ahead of the curve and meet the changing needs of donors.
just thinking about all these high-end museums accepting crypto donations makes me curious - is it really worth it for them? like, I get that some ppl might wanna give in creative ways, but do they have to be so... experimental with their acceptance policies? i mean, I can see why some ppl would love the flexibility, but isn't it also super hard to manage these kinds of gifts? 
I'm low-key obsessed with crypto philanthropy rn! 
It's like, the old way of giving just isn't cutting it for some people anymore. They wanna make a difference and don't care about traditional methods. Museums are feeling it too, they're getting creative with their donations. Like, who wouldn't want to accept shares in a pharmaceutical company or Bitcoin? 
It's like the future is now! And let's be real, if top charities are accepting crypto donations then why can't everyone else? It's all about keeping up with the times, you feel? 
how museums are getting creative with their fundraising efforts! I mean, who wouldn't want to give back to their community in a more unique way? Crypto donations are definitely not your standard fare, but if it means saving the museum, right? 
Plus, it's cool that younger donors like millennials and Gen Xers are leading the charge. They're all about making an impact and pushing boundaries.
. plus, its awesome to see millennials and younger gen xers leading the way in crypto philanthropy 
. i mean, tax laws might be a bit wonky, but hey at least its giving us an opportunity to rethink how we give back 
. gotta admit tho, it would be sweet if they had a platform for ppl to donate art & other goodies without all the hassle 
. Plus, have you seen the prices of crypto lately? One minute it's up, next minute it's down... how are they supposed to value that stuff? 
.
. Why would anyone want to give away their hard-earned cash or investments in exchange for some tax break? It's just not worth it, you know? I mean, who needs a fancy new wing in a museum when you could be using that money to pay off your mortgage or invest in a solid retirement fund 
. And don't even get me started on the volatility of cryptocurrency - is anyone really sure what they're getting themselves into with those kinds of donations? It's just too much risk for my taste 
. Mark my words, this whole crypto philanthropy thing is going to be a huge mistake...
️. It shows that even in an uncertain time, people are still looking for ways to make a positive impact. And it's not just about the money, but about the values and priorities of younger donors who are driving this change.
), but about using their wealth and influence to create real change. And who can blame them? The world could definitely use more of this kind of thinking! 
i mean its not just about throwing cash at them, but also about people who have skills or resources they can offer up in exchange for tax deductions 
and its actually good that museums are transparent about the value of these gifts, even if it means dealing with some volatility 
millennials and Gen Xers who are into crypto are showing that its not just a weird investment fad, but also something that can be used for good 
. And museums are smart to catch on, it's all about adaptin' to the times and makin' donations more accessible. But at the same time, it's wild thinkin' about how hard it can be for them to value these gifts 
...who knew Bitcoin could be used for art? like, I'm not saying it's a bad thing, but if I don't have to look at another Picasso print, I'll be a happy camper 
. It's also great to see younger donors making a difference...just don't expect me to start buying NFTs anytime soon 
and i have no idea how to use it lol, can someone explain to me how to donate it to charity? 
I'm not saying it can't be done, but let's see how this plays out before we start handing over our Bitcoin to the art world.