What is Magic Internet Money (MIM)?
Key Facts + Magic Internet Money (MIM) Donation Stats

About Magic Internet Money

Magic Internet Money is a stablecoin soft-pegged to the US dollar and minted by the Abracadabra.money lending platform.

MIM is a stablecoin that is soft-pegged to the US Dollar and minted by the Abracadabra.money decentralized lending platform. Abracadabra uses interest-bearing crypto assets as collateral to mint MIM, which can be swapped for other stablecoins. Loan liquidations on Abracadabra differ from other stablecoin/lending protocols, in that each collateralized debt position (CDP) is unique and has its own liquidation price. When the liquidation price for an individual CDP is crossed, a liquidator can buy the position by paying off any outstanding MIM.

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Why Donate MIM?

Since MIM has appreciated significantly, donating MIM and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.

Don’t want your MIM stack to decrease? Repurchase the same amount of MIM afterward and still get the same tax benefits to offset some (or all) of your gains.

How to Accept and Donate Magic Internet Money (MIM) to Charity
Accept Magic Internet Money (MIM) Donations

Hundreds of nonprofits are choosing to set up platforms for crypto donations because it will help them:

  • Connect with new, younger donors they typically struggle to engage with
  • Tap into the resources of the emerging crypto and blockchain industry
  • Stay ahead of the curve with today’s fundraising ecosystem

Find out why Save the Children, American Cancer Society and hundreds more are choosing the The Giving Block’s tools and services:

Donate Magic Internet Money (MIM) to Nonprofits

Investors can become donors by giving a portion of their crypto gains to charity.

  • It’s fast, secure and easy
  • It can drastically lower your taxes
  • It’s rewarding!

Feel great about giving to a nonprofit that accepts crypto donations:

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What is Bitcoin?

Bitcoin is a decentralized digital currency, that can be sent from user to user on a peer-to-peer network.

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5 Reasons Why Donating Crypto Can Lower Your Taxes

In recent years, we’ve seen hundreds of millions of dollars in cryptocurrency donated to nonprofits.

Learn more