Bitcoin

$55m worth of BTC Donated to Charity

$55m worth of BTC Donated to Charity

The anonymous benefactor behind the bitcoin (BTC) based Pineapple Fund has announced the closure of the project in a heartfelt farewell post on Reddit. In total, the bitcoin-only charity has donated $55m worth of BTC to numerous non-profit organizations.

The initial goal set by the unknown philanthropist in last December was to donate 5057 BTC, worth significantly more (around $86m) at the period of crypto explosion. The benefactor, who calls himself or herself “Pine” has never revealed any personal details. Nonetheless, the initial goal was even slightly surpassed as the total amount of BTC donated to 60 different charities rose to 5104.

In a somewhat surprising announcement, the anonymous donor confirmed that the recent donation to the Internet Archive (a non-profit developing a free-of-charge library of footage, books, and software) would be the last on behalf of the Pineapple Fund, saying that, “it might be a good time to say farewell.”

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Upon saying goodbye, Pine has also taken time to thank the crypto community for its continuous support, although expressed a slight hint of nostalgia for the days gone by, claiming that, “I kind of miss the old times when bitcoin was a small community, and you could count the number of ‘altcoins’ with one hand. Finding someone else who even knows about bitcoin was incredibly rare, and exchanges were semi-automated or running on PHP.“

However, Pine seems optimistic about the future as they believe that, “Every development since then makes Bitcoin stronger and better at solving the problems of the existing financial and monetary system. It’s created a new generation of crypto early adopters, cypherpunks or technologists using cryptography to change the world; and now having the power and responsibility of capital.“

Over the course of almost half a year, Pineapple Fund received a myriad of applications from charities and has supported a variety of areas, ranging from developing educational institutions and providing clean water for people in Africa to a grassroots network, planting over 2 million trees a year in the tropics, among many others.

Curiously, Pine seems to be an advocate of soft drugs benefits as one of the most significant donations ($5m) has been given to the Multidisciplinary Association for Psychedelic Studies (MAPS), which focuses on benefits from the careful uses of psychedelics and marijuana. Additionally, MAPS has been testing MDMA as a treatment for PTSD patients. In April their director Brad Burge reported the drug was showing promising results.

Very little is known about Pine, although it seems likely that he or she was among the initial users and believers in bitcoin, gathering a sizeable amount of the cryptocurrency while it was still relatively unknown and extremely cheap. Hopefully, such nobility will become a source of inspiration for others and add up to the crypto sphere helping those in need.

Image Source: “Flickr”

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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.