On Tue, Dec 10, 2013 at 2:37 PM, MZMcBride z@mzmcbride.com wrote:
Has there been any discussion about simply accepting Bitcoins but not exchanging them?
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I don't have a strong opinion on whether WMF should or should not accept Bitcoin donations. However, even if we were to accept them, I don't believe we should be collecting them. As I believe is already the case with most foreign currency donations, Bitcoins (if accepted) should be exchanged for dollars shortly after being received.
Whatever else Bitcoins might be, they are certainly subject to rapid variations in market prices and considerable uncertainty regarding the future regulatory environment. As such, as an investment, they would have to be classed as highly speculative. Some people have made a lot of money off of Bitcoins, and some others may yet make a lot more, but there is also the potential to lose a lot of value if regulatory fiats or undiscovered flaws in the Bitcoin system cause their value to plummet. I don't think holding on to high-risk investment vehicles makes sense for a non-profit that aims to make responsible use of people's donations.
-Robert Rohde