Donations to OpenSats are now tax-deductible

So, donations to OpenSats are now fully tax-deductible for anyone who contributes. This means that all the funds go directly to support #Bitcoin Core and FOSS contributors. Check this out for more info > https://twitter.com/OpenSats/status/1473443805848346624/photo/1 And here’s the IRS info > https://www.irs.gov/publications/p526#en_US_2020_publink1000229761 The cool part is you can donate Bitcoin directly without having to convert it to cash first. This is all about encouraging charitable giving, and honestly, if you're gonna donate, doing it in Bitcoin makes way more sense than switching it to US dollars.

Sounds like good news to me, one more in the normalization of Bitcoin, the only thing I was thinking: is that people who have their bitcoin without KYC, and we have a few on the forum, will probably prefer to donate dollars to deduct the contribution.

The entity you are donating to will likely convert any coin you give them into USD. They will need to pay their bills and further their cause, which will ultimately be denominated in USD.

At least it is a reason to use Bitcoin as a currency and not as an asset or stock to get more profits. Personally, I see it as an encouragement for people to spend assets instead of converting them to dollars, and not all charities will convert Bitcoin into USD directly.

Charities are not in the business of accumulating money. Their business is to distribute their donations in such a way that furthers their cause. So any donation they receive is going to get spent on either expenses related to running the charity, or on the cause of the charity. There are few expenses that can be paid for in terms of bitcoin, so IMO there is a good chance they will need to convert their bitcoin into fiat before spending their money. There are many charities that accept appreciated property (such as stocks) as donations. There are tax reasons why people want to donate these assets (you noted them in the OP). Once a charity receives these assets, they will typically sell them.

Note that donating bitcoins (or any property, really) worth more than $5000 takes extra effort. You must pay a "qualified appraiser" to do an appraisal of the bitcoins in order to determine their fair market value. Obviously, anybody can simply look up the price on an exchange, but that is not sufficient in this case.