Nonprofits Get a New Type of Donation: Cryptocurrency

This article from The New York Times written by Paul Sullivan

 

The University of Pennsylvania recently announced a $5 million gift to Wharton, its business school. The donation was not one of its largest, but the university announced the gift with the type of fanfare it usually lavishes on gifts many times its size.

What gives?

The gift, from an anonymous donor, was in Bitcoin. The announcement, therefore, was a trial balloon — a signal that cryptocurrencies are now as acceptable for donations as stocks, bonds, real estate and other investments.

“A few years back, there had been a lot of discussion among nonprofits about cryptocurrency and whether we should accept it,” John Zeller, senior vice president for development and alumni relations at Penn, said in an interview. “The donor’s goal was to make a gift of that magnitude, a promotable gift, to say, ‘If you’re interested, we’re in the crypto world, and we can accept it.’”

But, Mr. Zeller said, the floodgates did not open. “We haven’t seen a rush of gifts in cryptocurrency,” he said.

Click here to read the full article

Source: Sullivan, P. (2021, July 30). Nonprofits get a new type of donation: Cryptocurrency. The New York Times. https://www.nytimes.com/2021/07/30/your-money/cryptocurrency-donation-nonprofit.html.

By Evelyn Chen
Evelyn Chen Student Intern, Strategic Communication Evelyn Chen