Charitable Gifts of Bitcoin: Tax, Appraisal, Legal and Processing Considerations

Bitcoin and other virtual currencies, such as Ripple and Litecoin, represent a total market capitalization of nearly $6 billion. Many large charities are eager to tap in to this market or have already received virtual donations, such as United Way Worldwide, which recently began accepting donations of Bitcoins. Smaller nonprofits have begun accepting the currency as well. This article discusses charitable donations of virtual currencies, including tax, appraisal, legal and processing considerations.