  Using high-frequency donation records from a major medical crowdfunding site
and careful difference-in-difference analysis, we demonstrate that the 2020 BLM
surge decreased the fundraising gap between Black and non-Black beneficiaries
by around 50\%. The reduction is largely attributed to non-Black donors. Those
beneficiaries in counties with moderate BLM activities were most impacted. We
construct innovative instrumental variable approaches that utilize weekends and
rainfall to identify the global and local effects of BLM protests. Results
suggest a broad social movement has a greater influence on charitable-giving
behavior than a local event. Social media significantly magnifies the impact of
protests.
