Susan G. Komen accepts cryptocurrencies to fight breast cancer

The world’s largest breast cancer charity, Susan G. Komen, has announced that it will also accept cryptocurrency donations for its initiatives in the fight against cancer, still one of the leading causes of death for women. 

Susan G. Komen accepts cryptocurrencies: Bitcoin, Dogecoin, and Shiba Inu

Among the cryptocurrencies accepted in addition to Bitcoin, the association will also accept Dogecoin and Shiba Inu.

The foundation owes its name to Susan Goodman Komen, a model who died at age 36 from breast cancer. After two years, her younger sister, Nancy Brinker, founded the organization in 1980. In over four decades of operation, she raised over $1 billion.

Giving Block is the leading cryptocurrency charity platform, already working with hundreds of charities worldwide. Founded in 2018, it already accepts several digital currencies, including Dogecoin and Shiba Inu. 

In mid-December, the platform launched Private Client Services, the first premium cryptocurrency donation experience specifically for the needs of very wealthy individuals, institutions, and advisors eager to donate large sums of money.

Charities and cryptocurrency

In 2021, according to data from the Giving Block platform, cryptocurrency donations on the famous “giving Tuesday,” the day of generosity in November, would have grown by more than 580% compared to 2020.  

According to a study by Fidelity Charitable, about 45% of cryptocurrency owners donated $1,000 or more to charity in 2020, compared to 33% of all other fiat currency investors. The top currency used appears to be Ethereum which precedes Bitcoin and USD Coin.

Certainly, the disintermediation characteristics of cryptocurrencies make money transfers safer, faster, and more transparent, which are very important elements in the delicate activity of nonprofits and associations.

“I think people who are often young and idealistic are being given transformative capital for the first time with cryptocurrencies,” 

said Pat Duffy, co-founder of The Giving Block.

Some are also pointing out that this growth in cryptocurrency giving may also be linked to tax changes, making giving worthwhile from a tax perspective.

The rivalry between Dogecoin and Shiba Inu

Also curious is that the association has chosen as a means of payment two meme coins such as Dogecoin and Shiba Inu, born almost as a joke and rose to the headlines, thanks to the push of tweets from celebrities such as Elon Musk or Vitalik Buterin. The two memes from a few weeks are also accepted by AMC, the largest chain of cinemas and theaters in the United States.  

In mid-2021, they entered the top ten most capitalized cryptocurrencies, creating real competition between the communities that support them. Who knows, this rivalry between the two will not also transfer to the level of donations to charities.