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November 18, 2015

Fidelity Charitable Now Accepts Bitcoin Donations

Fidelity Charitable is now accepting charitable donations of the digital currency bitoin, The Wall Street Journal reports.

The donor-advised fund manager is working with the Coinbase, which converts the bitcoin to cash at no charge. Donors' tax deductions will depend on how long they have held the currency. Those who have held it for more than a year will generally be able to receive a deduction for the full market value of the gift, up to 30 percent of their adjusted gross income.

The new donation option was prompted by requests from donors and financial advisers, the Journal reports. Many charities don't have the expertise to accept alternative assets, such as closely held stock or real estate, so donors have been giving those assets to their donor-advised funds. 

Fidelity Charitable ranked second on The Chronicle's most recent list of the 400 U.S. charities that raise the most private support. Five of the top 15 charities were donor-advised funds run by financial institutions.