Charities see more crypto donations. Who is benefiting?

By HALELUYA HADERO
AP Business Writer

As the biggest cryptocurrencies flirt with record highs in value, they are increasingly becoming bigger sources of revenue for charities. However, the number of charities accepting the virtual currencies, known for their volatility, remains limited. According to CoinGecko pricing, the world of crypto recently pushed past $3 trillion in value. The virtual currencies are attractive to donate because they allow donors to bypass capital gains tax on the appreciated assets they give to charity. Donors would also be eligible for an income tax deduction. Many large charities and aid organizations have set up ways to accept crypto contributions. But experts say smaller organizations are running behind.