A U.S.-based children’s charity has created a bitcoin superhero to help boost its fundraising profile.
The Songs of Love Foundation, which became one of the first national children’s charity to accept cryptocurrency donations in 2013, is a nonprofit that creates personalized songs to uplift children facing tough medical conditions or emotional challenges.
Launched Friday, the “Billy Bitcoin” superhero is part of the charity’s efforts to increase donations through cryptocurrency, which it said is “even more efficient than donating cash,” on its website.
Crypto donations to charities are considered non-taxable events in most jurisdictions around the world. In the U.S. a person does not owe capital gains tax on the appreciated amount while also being able to deduct their donation on their final tax bill.
“This win-win solution means you have more money available to donate to charity and can deduct more on your tax return, the charity’s website reads. “The difference can amount to more than 30%.”
Songs of Love accepts donations in 22 cryptocurrencies, from algorand to zcash.
On Feb. 16, the Foundation will celebrate its 25th birthday. During that time the charity has created “songs of love” for over 36,000 children worldwide.
