An anonymous donor who set up a philanthropic project using bitcoin for charitable causes has announced that it’s time to say goodbye.
In December 2017, the Pineapple Fund was set up by an unknown individual with the intention of giving cryptocurrency donations around the world. It has also been claimed to be among the 250 largest holders of Bitcoin in the world. Known simply as ‘Pine’, the anonymous person announced via Reddit last year that they were setting up the Pineapple Fund to donate 5,057 BTC, worth about $86 million at the time, to charitable causes.
According to the website, it states:
Pineapple Fund was an experiment in philanthropy with cryptocurrency wealth. What happens when your ‘play-money’ becomes a treasure chest, and you’re past the satiety point of money?
Now, five months later Pine has come back to say that it’s time to say farewell, as well as taking the time to thank those who have supported or made charity suggestions. In the end, and timed with the 2017 cryptocurrency price surge, the Pineapple Fund managed to raise 5,104 BTC, representing $55 million for charities.
Some of the causes the donations have funded include $2 million to Watsi, an innovative charity building technology to finance universal healthcare; $1 million to the Water Project, a charity that is providing sustainable water projects to suffering communities in Africa; $5 million to the Multidisciplinary Association for Psychedelic Studies (MAPS), which develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana; and $500,000 to TreeSisters, a grassroots network of women planting over two million trees a year in the tropics, to name but a few.
In December, BitGive.org, a nonprofit organisation that solicits bitcoin donations for its charitable causes, announced it had received $500,000 from the Pineapple Fund. According to the fund’s website, it has since donated $1 million to BitGive.org.
Amazingly, in such a short space of time the fund has demonstrated the good that can come from people’s generosity. As one Reddit user said:
I really hope this sets an example. If by any chance a raise in Bitcoin value happens again to a point many of us will have a fortune, I really expect people doing exactly what the Pineapple Fund did and, who knows, maybe leave the world a better place than it was before crypto.
Interestingly, even though the fund has come to an end, Pine has said that they won’t be revealing their identity.
I’m going to remain anonymous, because the point of the Pineapple Fund is not me.
This, essentially, sums up what charitable giving means. At the end of the day people who give money to charity shouldn’t need to feel like they should be thanked. They should donate because they want to and because they want to bring about the change that will make the world a better place.
Featured image from Flickr via Kyle McDonald.