Cryptocurrency = Fastest Growing Form of Charitable Donation

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Cryptocurrency = Fastest Growing Form of Charitable Donation

According to Fidelity Charitable, crypto currencies (Bitcoin and Ethereum) were reported as their fasting growing source of charitable donations in 2017. Crypto donations have grown at a rate 140% faster than other donation options, (such as giving food, real estate and LLC shares), as per Adam Pirozollo, Fidelity Charitable's vice president. Fidelity Charitable hosts a Giving Account, which is a donor-advised fund pool which allows "donor advisors" to recommend grants to qualified charities. While cryptocurrencies do not make up the largest amount of donations (Fidelity reportedly received $4.5 billion in total donations in 2017), the amount of crypto-donations totaled $11 million USD in the first half of 2017, and doubled to $22 million by November, with an additional $36 million received by December. Like donation with USD, there's benefit to donating via crypto in that you are not required to pay capital gains tax for charitable donations. Fidelity Charitable was able to provide funding for overt 127,000 non-profits in 2017, which Pirozollo noted "This is a great win-win for both [donors] as well as the charities."

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