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Bitcoin Holders Donated $22 Million to Fidelity Charitable

Bitcoin Holders Donated $22 Million to Fidelity Charitable
(Jaap Arriens/Getty Images)

By    |   Friday, 15 December 2017 03:55 PM

Bitcoin holders have donated $22 million worth of the cryptocurrency this year to a charity fund run by Fidelity, a move that allows them tax write-off benefits.

According to CNBC, $11 million of bitcoin was given to Fidelity Charitable from January-November. In December, as the price of bitcoin has risen sharply to Friday's value of around $17,700 for one bitcoin, that figure has doubled.

Donating bitcoin to a fund, rather than selling it, allows holders to avoid paying a capital gains tax on it. Holders can also deduct a charitable contribution on their tax return.

CNBC reported that the GOP's tax plan will keep the charitable deduction in place.

Fidelity processes the bitcoin donations through Coinbase, a cryptocurrency exchange. After the exchange occurs, Fidelity Charitable processes the donation with the cash.

The value of one bitcoin has risen from less than $1,000 at the start of 2017 to nearly $20,000. Some experts think investing in the cryptocurrency is too risky, as the value tends to swing wildly some days. 

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Bitcoin holders have donated $22 million worth of the cryptocurrency this year to a charity fund run by Fidelity, a move that allows them tax write-off benefits.
bitcoin holders, donation, fidelity
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2017-55-15
Friday, 15 December 2017 03:55 PM
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