One of the largest hospitals in Cape Cod received two Bitcoin donations this year totaling $ 800,000. Massachusetts-based nonprofit medical center (NPO), Cape Cod Healthcare, said an anonymous donor donated $ 400,000 last Friday, and the NPO also received a bitcoin donation of $ 400,000 last month.
Cape Cod Healthcare receives $ 800,000 in Bitcoin donations
Cape Cod Healthcare Hospital (CCHC) is recognized as one of the leading healthcare providers in Cape Cod, Massachusetts. This week the NPO told Boston Globe employee Anissa Gardizy said she received two Bitcoin (BTC) Donations worth $ 800,000.
Christopher Lawson, senior vice president and chief development officer of CCHC, said the donor wanted to remain anonymous and last month emailed the hospital to accept it BTC Donate. Lawson said the donor helped CCHC before the two crypto donations and only recently asked if the hospital would accept his BTC Gift.
Lawson told Gardizy that before accepting the donation, the administration must check whether the hospital can process transactions in cryptocurrency.
“Before we answered, Lawson said. “We had to make sure there weren’t any problems. It took a lot of research, ”he added. “My office probably spent a week or two doing our best to find out who else was doing this.”
After approval by CCHC’s finance department and the hospital’s CEO Mike Lauf, the company launched a donation address. Lawson said that because the donor gave the hospital $ 800,000 worth of bitcoins, they are tax exempt on the funds.
“It makes it an asset that is attractive to donate,” Lawson said. “You have maximum impact on value and any profits you make, similar to stocks, you don’t pay the tax,” added the hospital administrator. However, Lawson has elaborated that the CCHC finance team immediately converts donations into dollars.
The first $ 400,000 donation was sent on January 28, 2021, and the following month, February 19, the donor sent another $ 400,000 worth of bitcoins. The senior vice president of CCHC said other NPOs could also set up Bitcoin donation support to accept the crypto asset.
“I’m very excited. We’re coming from a time during the COVID when it was difficult for many people to get donations,” said Lawson. “This shows people that we can accept these cryptocurrencies as donations and that the infrastructure exists. “As early as May Cape Cod Healthcare on leave more than 600 employees.
“It’s not widely used, but it’s becoming more mainstream,” concluded Lawson. “People are accumulating these assets and looking for ways to donate them,” he added.
What do you think of the two bitcoin donations totaling $ 800,000 sent to Cape Cod Healthcare? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Brendan Fitzpatrick, capecod.com, CCHC,
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