Now you can support your favorite charity by giving cryptocurrency.
Donating cryptocurrency is changing the face of charitable giving. While these “electronic currencies” are not for everyone, for people who are accustomed to using Bitcoin, Dogecoin, Etherium or others for purchases or investments, these also represent a new way to support favorite charitable causes.
Recognizing this trend, The Mountain Health Foundations now have the ability to accept cryptocurrencies!
So many people have asked if this was possible that we decided to make it easy for anyone to be able to give using their favorite cryptocurrencies.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptocurrencies allow for secure payments online by means of virtual “tokens,” entered as payments in the online system. “Crypto” refers to encryption algorithms and techniques that safeguard these entries. This added security is very attractive to investors, purchasers, and, now, donors, as well.
Using Cryptocurrency to Support Mountain Health Network
If you are a user, please consider giving your cryptocurrency to help the Hoops Family Children’s Hospital. When you give, you are helping sick and hurting children who live in Central Appalachia (West Virginia, southern Ohio, and eastern Kentucky). They receive the best possible medical care without having to travel hours to big cities where the culture is different and they have no family support structure.
While our Crypto giving link is currently specific for Hoops Family Children’s Hospital, you can donate your cryptocurrency and allocate it to another program within Mountain Health Network. Simply use the form to donate and email Beth Sparks or call her at 304.399.6854 and tell her how you would like your gift to be used.
What Kind of Cryptocurrencies Do We Accept?
The Mountain Health Network Foundations will accept nearly any type of cryptocurrency you may want to donate. Our giving page has a long list of currencies we will gladly accept.
Important Tax Considerations for Donating Cryptocurrency
On May 20, 2021, the U.S. Department of the Treasury announced a proposal that would require taxpayers to report any cryptocurrency transaction of $10,000 to the IRS. How exactly proceeds might be taxed—as capital gains or ordinary income—depends on how long the taxpayer has held the cryptocurrency.
As with any asset-based giving, there can be substantial benefits to giving large gifts of cryptocurrency. Please consult your tax adviser to understand how you may be affected.