The 501(c)3 organization has begun accepting bitcoin and cryptocurrency donations through a partnership with The Giving Block.
- Nicklaus Children’s Hospital Foundation announced they have started accepting bitcoin donations.
- The nonprofit organization supports the needs of patients and families of the Nicklaus Children’s Hospital.
- The move aims to provide donors with an alternative and tax-advantageous donation vehicle. It is unclear if the organization will hold BTC.
Nicklaus Children’s Hospital Foundation, a 501(c)3 organization focused on raising funds for the Nicklaus Children’s Hospital patients, announced that it has started accepting bitcoin donations.
“We are so excited to begin accepting cryptocurrencies as a donation method to benefit the children and families we serve every day,” said Michelle Boggs, president of Nicklaus Children’s Hospital Foundation, in the announcement. “We hope that by adding this method of giving, we will reach more people who want to support the life-saving work of our hospital, and do so in a fast, easy, secure transaction.”
By accepting bitcoin, the foundation aims to provide donors with an alternative method for giving to a good cause. The nonprofit is dedicated to raising funds for the patients of the Nicklaus Children’s Hospital, enabling disadvantaged families’ children to receive good healthcare.
Nicklaus Children’s now offers supporters that hold bitcoin and other cryptocurrencies the option to donate using their preferred cryptocurrency in a tax-efficient way since they are tax-deductible on the donor’s tax returns. The new donation method will be made possible through a partnership with The Giving Block.
The foundation is among the first healthcare nonprofits in South Florida to begin accepting bitcoin donations. However, whether the nonprofit will hold the BTC received as a donation or instantly convert it to USD is unclear.
There are plenty of advantages for nonprofits to hold bitcoin long term instead of immediately converting it to cash, like charity: water recently realized after receiving BTC donations since 2014. After seeing that it missed bitcoin’s exponential price rise over the years, charity: water championed a HODL MODL charity model with its Bitcoin Water Trust, which seeks to hold all bitcoin received until 2025.
Source: Bitcoin magazine