Quincy University — a private Franciscan university based in Illinois — said it has started to accept donations in cryptocurrencies such as Bitcoin BTC/USD, Dogecoin DOGE/USD, Shiba Inu SHIB/USD and Ethereum ETH/USD.
What Happened: The liberal arts college — a 501(c)(3) charity — said it would accept contributions in a total of 32 different cryptocurrencies, noting that donations in cryptocurrencies are fast as well as secure and could save a donor in taxes.
“QU is always looking for ways to make it easy for donors to support our students and initiatives,” said Matt Bergman, senior director of advancement at Quincy University.
Why It Matters: The university’s move highlights the increasing relevance of cryptocurrencies in mainstream circles as an investment option and in day-to-day activities.
Donating cryptocurrency directly to a non-profit organization is tax-efficient for cryptocurrency holders, as the Internal Revenue Service (IRS) classifies cryptocurrency as property for tax purposes.
The Wharton School at the University of Pennsylvania said in Oct. that it would allow participants in a new online program to pay tuition in cryptocurrencies.
Tesla Inc. TSLA CEO Elon Musk – a big supporter of Dogecoin — suggested in October that a university he plans to set up in Texas will accept tuition fees in Doge.
Price Action: Bitcoin is down 6.7% during the past 24 hours, trading at $36,644.38 at press time. Dogecoin is down 10.2% during the period to $0.1254.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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