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Bitcoin (which is capitalized when referring to the overall network or concept but is left uncapitalized when referring to a unit of currency) and other cryptocurrencies were once thought of as vehicles for illicit activities. But, for some time, these assets have been recognized as legitimate and have rapidly growing importance in income, gift, estate and philanthropic planning.
Cryptocurrency Donations
The Fidelity Charitable Gift Fund, named the largest U.S. charity in a 2017 survey,1 received $69 million in cryptocurrency donations in 2017, a 10-fold increase over the previous year.2 Many smaller charities have scrambled to accept cryptocurrency donations, most famously from an anonymous philanthropist known only as “Pine,” whose givin...
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