Fidelity Charitable introduces bitcoin option

BOSTON – Fidelity Charitable is now allowing its asset donors to support charities through bitcoin, which the group says can be less expensive for the donor and easier to accept for the recipient.
The move, Fidelity says, expands its existing array of assets donors can contribute to their donor-advised funds “to fuel their philanthropy,” according to a press release.
“Enabling donors to contribute bitcoin to their donor-advised funds is the latest example of Fidelity Charitable’s commitment to making it as easy as possible for donors to support the charities they care about with the assets at their disposal,” said Matt Nash, senior vice president of donor engagement for Fidelity Charitable. “There are many tax advantages to donating long-term appreciated assets, and that ultimately means more money to charity.”
The move makes sense for Fidelity Charitable, as the majority of contributions to the group are made in capital assets, such as publicly traded securities, private business shares and real estate, which are difficult for nonprofits to accept.
“Donors who contribute the assets to the donor-advised fund simplify the donations for both themselves and the end-recipient charity,” according to the release. “The donor can support multiple charities through one contribution and strategically plan their giving. The end-recipient charities receive grants from Fidelity Charitable via check or electronic funds transfer, which are often easier for the organization to accept than the asset itself.”