Recently, the American Cancer Society (ACS), a non-profit organization committed to funding cancer research, announced that it is now accepting Bitcoin donations.
Donors can send their crypto to the non-profit on its website, all transaction go via BitPay, a popular payment processor. BitPay is also a payment processor of choice for the American Red Cross.
“Our mission is urgent and in order to accomplish it, we need to engage donors where they are,” ACS exec Brant Woodward told CoinDesk.
The American Cancer Society get its funding mostly from grassroots fundraising. The bulk of its donors are people in their forties and fifties. Because crypto is a nascent currency, the ACS hopes the decision to start accepting it will bring younger donors in.
“The reality is that more and more people are utilizing cryptocurrency,” said Woodward. “This allows us to be relevant with younger donors and provide frictionless giving opportunities for them and for us to meet them where they are.”
Mr. Woodward also said it’s only natural that their organization is trying to gain support from a large spectrum of donors, including cryptocurrency enthusiasts, because cancer doesn’t differentiate who you are. To achieve their goal, they have to connect with donors no matter from what walk of life they are.
By accepting bitcoin donations, charities attract new donors and don’t have to hold bitcoin if they don’t want to. When the transaction goes through the payment processor, BitPay verifies the funds and accepts the bitcoin on behalf of the organization and settles the transaction in USD or the preferred fiat currency.
It’s worth reminding that if you’re in the US, due to their similarity to other property assets like stocks and bonds, crypto donations are tax-deductible. One can also donate anonymously but they will not receive a tax receipt.
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