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The Dementia Society of America (DSA) has just announced that it will start accepting a range of cryptocurrencies in donations going forward. The DSA started investing in Bitcoin and accepting Bitcoin donations all the way back in 2016. Now, they’ve added four more cryptocurrencies to the list and put out a press release announcing their plans regarding donations received in crypto.
The DSA plans to hold 51 percent of all donations in crypto for at least 6 months at a time and may or may not convert the remaining portion to fiat currency to serve their more immediate needs. The current status of cryptocurrencies in the US is still obscure and the DSA will be able to dodge any taxes that may apply to any other donations received in fiat currency.
The list of cryptocurrencies that the DSA now accept consists of Bitcoin(BTC)trade, Ethereum (ETH)trade, Litecoin (LTC)trade, Bitcoin Cash (BCH) and the stablecoin USD Coin (USDC)trade. The DSA’s Founder and Volunteer President, Kevin Jameson, made this announcement on the US Independence Day, July 4th, in a close vicinity of where the US Declaration of Independence was signed in 1776. A fact that the DSA was very proud to share in the press release.
“We have long understood the innovation and freedom-loving value of cryptocurrencies like Bitcoin,” said Jameson. He boasted that the DSA has been a supporter of cryptocurrencies from the early days. He announced that the DSA is partnering up with The Giving Block in order to expand their “crypto capabilities”.
“We will now accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and USD Coin for general fund donations, legacy donations, and for those donations made in memory or honor of a loved one,” Jameson went on to say as per the press release.
It’s Possible to Write of Crypto Donations
Furthermore, there’s an incentive for donors to use crypto payments. “For donors in the United States, the IRS has classified Bitcoin as property for tax purposes. When you donate Bitcoin or other cryptocurrencies to a 501(c)(3) nonprofit like the Dementia Society, you don’t pay capital gains tax and can write off the donation,” the press release notes.
The DSA also has a dedicated page on their website for crypto-based donations. A new initiative called “click-for-bricks” was also announced in the press release. Under this initiative, donors will be able to purchase bricks to be used in the construction of the DSA’s new headquarters using cryptocurrency payments.