Crypto holders boost charitable donations

Since the summer, some American charitable funds have taken thousands of dollars in cryptocurrency. The share of such donations has risen amid arrests of participants in protests against police brutality in the United States, according to CoinDesk.

The funds in question are those that post bail for individuals who cannot afford to remain in custody pending trial. This summer, the cryptocurrency charitable line was opened by Bail Project, Chicago Community Bond Fund, and Nashville Community Bail Fund.

Pilar Weiss, director of the Community Justice Exchange, says that using Bitcoin and other digital assets could help the funds appeal to younger people.

“This helps them look more modern,” Weiss said.

The Bail Project noted that cryptocurrency transfers to nonprofit organizations are treated as stock donations and are not taxed. In the view of project representatives, these incentives will attract more holders of digital coins.

In October, Twitter founder Jack Dorsey urged users to support a Bitcoin-backed movement against police brutality in Nigeria.

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