A U.S.-based childrenâs charity has created a bitcoin superhero to help boost its fundraising profile.
The Songs of Love Foundation, which became one of the first national childrenâs charities 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 âBilly Bitcoinâ superhero is part of the charityâs efforts to increase donations through cryptocurrency, which it said on its website is âeven more efficient than donating cash.â
Crypto donations to charities are not taxed in most jurisdictions around the world. In the U.S., a person does not owe capital gains tax on the appreciated amount and can deduct his or her donation.
âThis win-win solution means you have more money available to donate to charity and can deduct more on your tax return,â the charityâs website reads. âThe difference can amount to more than 30%.â
Songs of Love accepts donations in 22 cryptocurrencies, from algorand to zcash.
On Feb. 16, the foundation will celebrate its 25th annivesary. Since its inception, the charity has created âsongs of loveâ for more than 36,000 children worldwide.
See also: American Cancer Society Launches $1M Cryptocurrency Fund