New Form of Donation to Charities and Political Campaigns
A generous person, group, or institution offers a donation of any kind, mostly money, food, medicine, and clothing. In accordance with the restless technology, cryptocurrencies find its way to help others in the form of virtual coins.
Fidelity Charitable revealed that it received a total of $69 million worth of donations in the form of cryptocurrency in 2017. It is by far the quickest-growing endowment form approved by the charity institution. The cryptocurrency donations comprise of bitcoin and ether that came from 169 various donors.
The contributions show a ten-time raise since the consortium began accommodating bitcoin in the latter part of 2015. Fidelity Charitable vice president, Amy Pirozzolo said that the amount that was received as donations escalated to 140% faster than the opportunities like bags of grain, LLC shares, or real estate.
Many donors are encouraged to donate to the platform due to the so-called “investor-managed fund’. It allows them to donate assets such as cryptocurrency and need not worry about shelling out capital gains taxes. For that reason, the entire amount generally rises based on the tier of the donor’s tax. Pirozollo assumed that it is going to be a win-win situation between Fidelity Charitable and the donors.
Cryptocurrencies are proving itself the coin of the future. Aside from being used as an exchange medium or for buying goods and services online, it is now accepted as a form donation of donation for charity. Because of its flexibility, it was also used as payment for sponsorship by a Canadian sportsman.
Now, these digital currencies are donated as well to politicians for their campaign. Each political campaign always finds for more money either to put or keep their candidate in the service. Compared to old politicians, younger ones are accepting Bitcoins as donations.
Austin Peterson, for example, is a Missouri Republican politician whose Senate campaign earned a downright 24 Bitcoin donations. One Bitcoin donation is equal to $4,500 at that time and was considered the biggest digital currency donation in federal election record.
Through the years, cryptocurrencies are showing how it can manipulate the world of technology. We should not be surprised if the time comes when paper bills and coins will no longer be acknowledged as means of payment or donation perhaps.