‘Tis the Season To Gift Crypto: Taxes and More Variables You Should Consider Before You Commit

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‘Tis the season for crypto gifting, especially for those who are looking for a last-minute gift or are having trouble finding the perfect holiday present due to supply chain disruptions, lack of ideas or time.

See: What Is the Next Big Cryptocurrency To Explode in 2022?
Find: Why Stocks Are the Perfect Gift for the Kid Who Has Everything

A recent BlockFi survey showed that one in 10 respondents plan to gift crypto for the 2021 “HODLday.” Bitcoin reigns supreme as the crypto of choice for gifting and receiving at 75%. Meanwhile, Dogecoin and Ethereum coming in as second and third, respectively, the survey noted.

Several trading platforms make it very easy to buy and give cryptos. Coinbase, for example, underscores on its website that a crypto gift has the potential to increase in value over time, noting, however, that “it also has the potential to decrease in value,” and that it’s also educational: “Help friends and family learn crypto. With their gift, they can begin trading, HODLing, and using crypto,” Coinbase promoted.

Users can send, sign and personalize gifts from the Coinbase app, by selecting a recipient’s email (who doesn’t need to have a Coinbase account), picking a crypto (Coinbase said users won’t be charged any fees to send gift) and finally, picking a digital card featuring a piece of art from an up-and-coming artist.

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