The Buffalo History Museum has agreed to accept donations in the form of cryptocurrency, a growing trend as of late.
The Buffalo History Museum Is Open to Crypto
There are several benefits to crypto donations which fall upon the giver and the receiver. For one thing, all crypto donations – just like those that are done through cash or a credit card – are completely tax-deductible. You can write the deduction off on your taxes and basically get money back or lessen what you owe for the year.
In addition, crypto donations are also not subject to capital gains taxes, meaning those who hand their digital currency over willingly are not required to pay penalties or fees. The museum has stated that it will allow donations in bitcoin, Ethereum, and USD Coin.
The executive director of the museum – Melissa Brown – stated in an interview:
This is another way in which we are using technology for good. We know more and more people are interested in supporting not-for-profit organizations through crypto giving and we are happy to provide them with this convenient option.
The crypto donations are supported through a firm known as every.org, which takes crypto funds and converts them into fiat currency. This comes at no additional cost to the giver, and according to research from the Pew Research Center, approximately 16 percent of Americans are actively engaged in crypto transactions, some of which are charity donations.
Brian Dempsey – treasurer of the Museum Board of Managers – stated in an interview:
We are happy to partner with every.org, a fellow not-for-profit organization, to allow the Buffalo History Museum to accept cryptocurrency donations. By allowing supporters of the museum to donate cryptocurrency, we are opening up an avenue to allow individuals and organizations to support us in a potentially tax-efficient manner on a platform that makes the donation process simple.
Anyone interested in making a crypto donation to the Buffalo History Museum is advised to visit the donation page on its website.
With the amount of crypto donations going to charity as of late, there is more proof on the table that bitcoin and its digital counterparts are becoming more mainstream. Over the past two years, many organizations have begun saying “yes” to crypto donations, particularly churches.
Several have said that ever since COVID, church leaders are looking to end collection plate practices as a way of lessening contamination chances for attendees. Crypto allows users to simply donate to churches online and avoid contact with other people.
More Businesses Are Doing This
Linda Mitchell – a spokesperson for Mary’s Place, which has also agreed to accept crypto donations – states:
We want to give our donors options that work for them. As services that accept and convert cryptocurrency become more common, it makes it easy and safe for us to provide this option for the community to support our work.