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Advocates Begins Accepting Cryptocurrency
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Tuesday, November 23, 2021
 

BY KAREN BOSSICK

The Advocates now has the ability to accept cryptocurrency donations through its website.

This allows supporters with cryptocurrency portfolios the ability to support the organization in a tax-efficient way since the IRS classifies cryptocurrency donations as property, meaning they’re not subject to capital gains tax.

The donations of the currency—binary data designed as a medium of exchange--are tax deductible on donors’ tax returns at the full market value at the date of donation, said Shannon Nichols, director of development for The Advocates.

The Advocates partnered with Giving Block and can accept donations in such currencies as Bitcoin (BTC), Ethereum (ETH), Amp (AMP), Basic Attention Token (BAT), Bitcoin Cash (BCH), ChainLink (LINK), Dai (DAI), Dogecoin (DOGE), The Graph (GRT), Gemini Dollar (GUSD), Litecoin (LTC), Storj (STORJ), UMA (UMA), Zcash (ZEC), 0x (ZRX) and 1inch (1INCH).

“Cryptocurrency acquisition is growing rapidly with over 100 million active cryptocurrency users and our valley is home to many of them,” stated Shannon Nichols, director of development for The Advocates.

Nichols noted that The Advocates has always been creative in the ways it has accepted donations, paying for its shelter in part with profits from a cookbook.

“Cryptocurrency is just another way we can help move our mission forward,” she said.

The Advocates was founded in 1991 to provide a safe place for those affected by domestic or dating violence, sexual assault and stalking. It provides shelter and support services for hundreds of clients and their children from Blaine, Camas, Custer and Lincoln counties each year.

Thousands more receive prevention education in schools and other outreaches.

The Advocates is launching its annual appeal the end of November. To learn more about donating cryptocurrency, visit https://www.theadvocatesorg.org/donate-crypto


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