The Holiday Spirit with a Crypto Twist
As the holiday season approaches, the crypto world is showing its softer side. An anonymous trader known only as “Sicarious” has made headlines for turning crypto profits into gifts for children in need. Who knew that digital coins could come wrapped in so much goodwill?
Major Donations for a Noble Cause
Sicarious isn’t just trading for profit; they’re on a mission. On December 5, they pledged to donate any profits made until the end of 2021 to child-focused charities. In a festive display of generosity, their donations totaled over $8,750, benefiting organizations like Compassion International and Toys for Tots. This act of kindness would make even Santa jealous!
- $7,250 to Compassion International for livestock, clean water, Bibles, and emergency food.
- $1,500 to Toys for Tots for toys to brighten the holiday for underprivileged kids.
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Besides their charitable contributions, Sicarious boasted impressive trading skills, netting nearly $34,000 by shorting the downturns of cryptocurrencies like LUNA and AVAX. It appears that good trading practices and good deeds can go hand in hand—like cookies and milk!
Inspiring Others to Join the Festivities
Sicarious’s holiday challenge has created a ripple effect in the crypto community. Fellow trader “Aeroplaine” announced they would also donate their gains to causes in Malaysia, proving that when it comes to giving, the more, the merrier!
“The Christmas spirit is contagious!” – Sicarious
The Tax Benefits of Crypto Donations
Giving back is not just good for the soul—it can be good for your wallet too! In the U.S., cryptocurrency is treated as property, meaning profits can incur capital gains taxes. However, donating crypto directly allows traders to bypass certain tax liabilities, making it a savvy move for philanthropists looking to sprinkle their holiday cheer without getting tangled in red tape.
According to The Giving Block, donating crypto directly eliminates tax responsibilities, allowing the goodwill to flow easier. This method of giving saw Fidelity Charitable receive over $274 million in crypto donations this year alone, a significant increase from previous years.
