reaching otherwise,” Flasher said. “And so far, all of
our projections show it’s just going to increase.”
A Pew Research Center survey released last week
indicated 16% of Americans have invested, traded
or otherwise used cryptocurrencies in some way.
Driven by interest from millennials, the digital
currencies have become more mainstream since
Bitcoin’s creation in 2009 but skeptics say their use
is just a passing fad.
Gary Gensler, the chairman of the Securities
and Exchange Commission, said in September
investors lacked enough protection in the
cryptocurrency market, which he called “rife with
fraud, scams and abuse” and compared it to the
“Wild West.” Regulators have noted that the digital
assets pose more risks for money laundering,
terrorist financing and other crimes. And some
countries have moved to outlaw the transactions.
Cryptocurrencies are an attractive asset to donate
because they allow donors to bypass the capital
gains tax. Donors would be subject to that tax if
they convert the virtual currency into cash before
giving it away, which means less money could
go to their selected charity. Another bonus is an
income tax deduction.
Tax savings was a driving force behind donating
cryptocurrencies to charity, according to a Fidelity
Charitable report released in October, which
said a majority of about 400 investors indicated
the deductions influenced their decision.
Many investors also reported difficulty finding
organizations that accepted the virtual currencies,
which could be volatile for charities to hold.
When Ethereum co-founder Vitalik Buterin
donated $1 billion worth of Shiba Inu coin —
known as a “meme” or joke coin — to the India