The YMCA of Greater St. Petersburg Announces Capability to Accept Cryptocurrencies on #BitcoinTuesday
The YMCA of Greater St. Petersburg is excited to announce that it has started accepting donations in the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- ZCash (ZCH)
- Gemini Dollar (GUSD)
By accepting cryptocurrencies, the YMCA of Greater St. Petersburg is offering its donors with cryptocurrency portfolios the ability to support the organization in a tax efficient way on Giving Tuesday, December 3, 2019. The IRS classifies cryptocurrency donations as property, meaning they are not subject to capital gains tax and are tax deductible on the donor’s tax returns. Additionally, they will be one of the first Ys in the nation to do so.
The Y will be working with The Giving Block, who are leaders in equipping nonprofits with the tools and techniques to effectively fundraise with crytocurrency. “Giving Tuesday inspires millions around the world to support and give to the causes that matter to them,” said The Giving Block co-owner, Alex Wilson. “But, despite the enhanced tax benefits that crypto donations can offer donors, the day has failed to capture the attention of crypto donors in years past.” The Giving Block hopes that #BitcoinTuesday will allow cryptocurrency to be introduced to a more traditional audience, thus resulting in donations to nonprofits across the country.
To donate to the YMCA of Greater St. Petersburg on Giving Tuesday, visit stpeteymca.org/give.