#GivingTuesday 2019 brought in approximately $22 million to charities and non-profits across Canada. 

As we charge up for 2020, many non-profit organizations look to this year’s fundraising goals. Innovation is a hot topic for everyone across the sector, but selecting and implementing new programs or processes is easier said than done. When successful, innovation can transform organizations for the better, but the stark reality is that innovation costs money, disrupts workflows — and often, it fails. This can make new ideas a tough sell for innovation-weary executives and boards when compared to safer paths like simply expanding existing programs. But if there’s just one fundraising innovation you can make this year: get a bitcoin donation program.

Bitcoin — a digital currency that’s like digital gold — made its debut in 2009, and since then, its adoption has spread across the globe. More than 400 million transactions have been made to date, and the volume of cryptocurrency options has grown substantially, with over 2,900 different cryptocurrencies and crypto tokens available. The number of Canadians who currently own bitcoin was at 5.2 percent in 2018 (and is likely higher today). However, when considering people with incomes over $70,000, that number jumps to 7 percent.

The bitcoin community is very philanthropic, with 90 percent having given previously to a Canadian charity in Canadian dollars, and 23 percent able to make a donation of $5000+ if they feel personally aligned with the organization’s mission. Despite this, a recent report surveyed 163 charities who hold spots on the top 100 lists of Moneysense and Charity Intelligence, and found that only 4 percent accept digital curency donations. 

The data articulates the gap between the volume of Canadian crypto holders who are able and willing to donate cryptocurrencies, and the number of registered Canadian charities who have recognized this new financial offering and are equipped to benefit from it. Crypto donors also said that if a charity is forward thinking enough to accept a cryptocurrency donation, it is likely equally forward thinking in the way it operates. 

Pathways to Education was Canada’s first charity to adopt a bitcoin donation program in 2013. “Innovation has always been an important part of Pathways to Education as we work to help youth living in low-income communities to achieve their full potential” says Jason Shim, Director of Digital Strategy. “A natural extension of this innovation was the adoption of a bitcoin donation program.”

Here’s what’s great about this innovative upgrade vs. other alternatives you might consider implementing in 2020.

Convincing your leadership team has never been easier.

Because bitcoin donations are a revenue driver for the organization, it’s an easier sell to your executive and your board. Common concerns around adopting a program can be easily mitigated. For example, concerns around price volatility can be avoided by instantly selling the cryptocurrency through automated third party providers like Bitpay, while concerns around the source of the money can be addressed by only giving the address out to known donors and immediately returning funds from unknown sources. 

Anyone can implement a program — it’s that simple. 

There are many ways to implement a bitcoin donation program. For those who are new to crypto or just want to try it out, there are plug-and-play options like Bitpay that enable you to accept donations without ever touching cryptocurrency. Pathways to Education opted to work with Canadian exchange, Coinberry. “They have been helpful in supporting our bitcoin donation program, as well as sharing the work that we do to support youth,” says Shim. 

There’s a world of new donors out there.

As we know in the fundraising world, it’s not just money that matters — it’s the data. Not only will a bitcoin donation program be a revenue driver, but the donations won’t cannibalize your other initiatives. The money will be coming from a whole new set of donors, many of whom would fall into the major gifts category at most organizations. “Over the years, we have heard from a number of donors who value education and found us when searching online for charities that accept bitcoin,” says Shim. 

While adding bitcoin to your fundraising mix has short term revenue gains, it also is a critical part of setting up your organization to be sustainable in the long term. Shim says, “it has helped us future-proof our organization by allowing us to explore, scope out, and quickly implement, for this and future projects and platforms that we adopt.” 

So while you consider your organizational New Year’s focus and shaking up your old programs, take a serious look at how bitcoin could upgrade your donor file, your fundraising, and your organization.

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