Bitcoin Cryptocurrency is Now Accepted By Fidelity (Mutual Fund Giant) through Charity Arm!
Bitcoin cryptocurrency among other cryptocurrencies is becoming a household name and been accepted by many institution. Its fast growth in the market is remarkable and that many institutions trust it. This is also aside from the fact that government from different state is acknowledging Bitcoin cryptocurrency as a common commodity.
Bitcoin Cryptocurrency as Commodity
United States regulator officially announced bitcoin cryptocurrency and other cyrptocurrencies as common commodity. With this many institutions in the state gain confidence with the said cryptocurrency. One of them is Fidelity Investments.
Fidelity Charity Accepts Bitcoin Crytocurrency
Fidelity Investments is popularly known as the United States Mutual Fund Giant. They have public charity arm with the name “Fidelity Charitable”. They have been accepting funds from their customers and now they have announced that they are already accepting Bitcoin cryptocurrency. With this, their customers have more choices. If the customers prefer to use this cryptocurrency to support the charities they have chosen in their donor-advised funds they have the freedom to do so.
The latest annual report released by the Fidelity Charitable shows that their customers had opened 63,000 and more of donor-advised accounts. This figures show was on 2014. The median of the giving balance of these accounts are equal to roughly $16,000.
In the statement given by the Senior Vice President of Fidelity Charitable, Matt Nash, he said that the announcement regarding acceptance of Bitcoin cryptocurrency was driven by the objective whereas they want to maximize the ways their donors who are at the moment in 100,000 in number could participate in philanthropic giving. They want to be clear on that. Mr. Nash also added:
“Enabling donors to contribute Bitcoin cryptocurrency to their donor-advised funds is the latest example of Fidelity Charitable’s commitment to making it as easy as possible for donors to support the charities they care about with the assets at their disposal. There are many tax advantages to donating long-term appreciated assets, and that ultimately means more money to charity.”
Fidelity also takes the responsibility of offering Bitcoin cryptocurrency services provider to convert the donations of bitcoin into U.S. dollars. This cryptocurrency service provider they have chosen is Coinbase. After the convertion, the donation will be then allocated to the donor-advised fund of each individual as well as to their particular chosen charities.
Fidelity also said that upon the approval of the Bitcoin cryptocurrency grant recommendation, the full amount of the grant will be received by the charity either by EFT or check. They added that this will make accepting a lot easier than before and what makes it more convenient and interesting is that Bitcoin cryptocurrency donation doesn’t carry any transaction fee.
This announcement made a mark with Fidelity as their first public action of embracing Bitcoin cryptocurrency blockchain technology, although this move follows an increased interest period from the company based in Boston. An example of this is when the Fidelity Labs representative spoke on a panel at Cardozo School of Law yesterday about the Bitcoin cryptocurrency blockchain technology emergent applications.
With the government and institution recognizing Bitcoin cryptocurrency as a common commodity and with many people who are using it, there is no doubt that cryptocurrencies will soon replace money.