Fidelity’s Public Charity Arm Reveals $7 Million in Bitcoin Donations in 2016
Fidelity Charitable, an independent public American charity, has announced that it received $7 million in bitcoin donations in 2016 from donors across the country.
To enable Fidelity Charitable donors to give more and to support a broader expansion, in November 2015, the charity began accepting bitcoin. Donors were then able to donate more with the non-profit efficiently monetizing the bitcoin for grant-making.
As well as accepting digital currency donations, the charity also raised $3.5 billion in donor-recommended grants to non-profit organizations last year, which saw a 15 percent increase compared to 2015. To celebrate its 25th anniversary the charity also asked donors to recommend a cumulative $25 billion in grants to be reached by the end of 2016. Donors surpassed the goal on December 16, according to a press release.
When it comes to donating to charity cash still leads the way. However, with more charities now accepting bitcoin they are providing an alternative avenue for people to donate with the digital currency.
In 2014, Greenpeace announced that it was accepting bitcoin donations to combat credit card fees while the Royal National Lifeboat Institution (RNLI), a charity which rescues people at sea in the British Isles, became the first major charity in the U.K. or Ireland to accept the digital currency.
The American Red Cross is another major charity that accepts donations in the currency.