Wildfires in Southern California have devastated over 27,000 acres, forcing more than 100,000 residents to evacuate. Charitable foundations are accepting cryptocurrency donations to support relief efforts.
Southern California Wildfires
According to a Washington Times report, the largest blaze, the 'Palisades Fire', began on January 7. It has grown to over 17,000 acres and remains uncontained. The 'Eaton Fire' ignited on Tuesday night, leading to evacuations for approximately 40,000 people. Additional wildfires have worsened the crisis in the region. President Joe Biden described the wildfires as 'devastating' and emphasized the urgent need for aid.
Crypto Donations for Relief Efforts
Nonprofits have turned to the decentralized finance industry to support relief efforts. On January 8, The Giving Block launched an emergency fundraiser for those affected by the wildfires. This initiative allows crypto donations to organizations such as the Los Angeles Fire Department Foundation and Regional Food Bank. The platform Givepact is also facilitating donations to organizations like Baby2Baby and the California Fire Foundation.
Growth of Crypto Philanthropy
According to a CNBC report, digital assets are increasingly recognized as a donation method. As of January 2024, 56% of the top 100 U.S. charities accepted defi donations, according to The Giving Block. Kyle Casserino from Fidelity Charitable highlighted the benefits of crypto giving. Tax attorney Andrew Gordon notes that tax advantages make crypto donations appealing by allowing donors to avoid capital gains taxes.
Crypto donations play a significant role in supporting wildfire relief efforts in Southern California. They offer a rapid response to crises and efficient distribution of resources.
