US Healthcare Provider Gets Bitcoin Donations Totaling $800K From Single Benefactor

The anonymous individual had asked in January if Cape Cod Healthcare could accept bitcoin donations.

AccessTimeIconFeb 23, 2021 at 8:53 a.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC

A health care provider in Massachusetts has received sizable donations of bitcoin after setting up an account enabling it to accept cryptocurrencies.

According to a report from the Boston Globe, Cape Cod Healthcare on Friday received $400,000 worth of the cryptocurrency from a regular donor who wished to remain anonymous. That gift came in addition to a further $400,000 the health care provider received from the same individual last month, bringing the bitcoin total to $800,000 at the time.

  • Has Crypto Become Political?
    00:51
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    02:14
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    00:55
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    21:50
    How Fed's Interest Rate Decisions Could Affect Crypto
  • The health care provider is the parent company for Cape Cod Hospital in Hyannis, Mass., which has one of the region's busiest emergency rooms, particularly in summer.

    Before being able to accept the donations at the request of the individual in January, Cape Cod Healthcare had to establish a cryptocurrency account that could generate a QR code to be shared to the donor to facilitate payment, according to the report.

    "Before we responded, we had to make sure there were not any issues," said Christopher Lawson, Cape Cod Healthcare's senior vice president and chief development officer. "It required a good amount of research."

    Lawson said he had to check with the provider's legal and finance departments, as well as its CEO, in order to verify whether they could accept the cryptocurrency donation.

    In the U.S. the Internal Revenue Service has advised that charitable donations in cryptocurrency are not required to be reported as gains or losses to the federal tax agency.

    In that sense, the chief development officer said bitcoin was an "attractive" asset to donate much in the same way as stock donations. The gifted bitcoin was converted to U.S. dollars immediately, per the report.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.