Fidelity Investments Charitable Collected $22 Million in Bitcoin this Year
HomeCryptocurrency NewsCryptocurrencies Latest News

Fidelity Investments Charitable Collected $22 Million in Bitcoin this Year

The Year of Bitcoin continued apace with Fidelity Investments Charitable collecting a whopping 22,000,000 USD in the world’s most popular c...

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in Malta
Altcoin Purge Begins: Okex Delists 28 Token Pairs
Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada

The Year of Bitcoin continued apace with Fidelity Investments Charitable collecting a whopping 22,000,000 USD in the world’s most popular cryptocurrency. Bitcoiners are known for their generosity, and Fidelity has developed quite a relationship with the ecosystem especially over 2017.

Also read: Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency

Fidelity Investments Charitable Breaks Last Year’s Donor Record

Fidelity Takes-In $22 Million in Bitcoin Donations this Year, Half in December“People are getting smarter about donating appreciated assets, and bitcoin is the epitome of appreciated assets this year,” Matt Nash of Fidelity Charitable told CNBC. He’s referring to a remarkable run in donations from its clients this year with regard to the digital asset.

Last year, Fidelity collected a mere 6 million USD in bitcoin. The first 11,000,000 USD of 2017 were donated throughout the bulk of 2017, over roughly eleven months. As the year wound down, the fund saw a doubling of that amount in just December.

The fund doesn’t actually hold bitcoin. Instead it funnels donations through the onboarding of popular crypto exchange Coinbase. Immediately, the decentralized currency is cashed into fiat and placed into specified account for distribution.

Fidelity is best known as a full service broker, offering financial advice, baskets of mutual funds, and even life insurance. It’s a privately held global company with 45 thousand employees and revenues approaching 16 billion.

Fidelity Takes-In $22 Million in Bitcoin Donations this Year, Half in December

Fidelity Investments Embraces Bitcoin

In 2017, the company really engaged in bitcoin-related businesses. While now that looks like a pretty great idea, even earlier this year bitcoin was thought too fringe for mainstream service providers such as Fidelity. By Summer, however, it added bitcoin to its platform. Slightly before that, it integrated with Coinbase and began mining.

The uptick in donations this December no doubt had to do with bitcoiners seeing what amounted to capital gains, which trigger certain tax issues in various countries. Many government revenue collectors also ask donations be made through windows of time in order to qualify for tax advantages.

Mr. Nash reminded, “This is giving season, after all, starting in late November and running through Dec. 31.” And the advantage of giving bitcoin to a fund is that clients are able to collect receipts immediately while having the luxury of taking their time with ultimate distribution. The other is volatility, as it is very likely Fidelity cashed out at the top of the market through its regular protocols, say recently, thus avoiding a nasty 30 percent haircut for a charity.

A final advantage in using an intermediary like Fidelity is the fact many charities are still wary of accepting bitcoin. Donors can be generous with bitcoin and not spook their favorite cause at the same time by donating through an established fund.  

Mr. Nash sums up the predicament nicely, “They’re going to give anyway. When they give, however, their view is that they should give the best asset that they can.”

What are your favorite charities to donate bitcoin to? Tell us in the comments below!


Images courtesy of Pixabay, Shutterstock and Fidelity.


Get our news feed on your site. Check our widget services!

The post Fidelity Investments Charitable Collected $22 Million in Bitcoin this Year appeared first on Bitcoin News.



from Bitcoin News http://ift.tt/2DgIqjs
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Fidelity Investments Charitable Collected $22 Million in Bitcoin this Year
Fidelity Investments Charitable Collected $22 Million in Bitcoin this Year
http://ift.tt/2C614el
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2017/12/fidelity-investments-charitable.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2017/12/fidelity-investments-charitable.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy