An early bitcoin investor has established an $86 million philanthropy project — dubbed the Pineapple Fund — that will donate bitcoins to charities and causes across the globe.
Announced on Wednesday, the Pineapple Fund has committed to donating 5,057 BTC, worth approximately $86 million at the time the fund was established, to worthy non-profit organizations, including some suggested by the Bitcoin community on Reddit.
The fund’s anonymous creator stated that he or she acquired a large number of bitcoins when the cryptocurrency was still in its infancy, and that wealth has risen so large that he or she could never hope to spend it all. Rather than HODL to the grave, he or she committed to using this newfound wealth to make a difference.
“Sometime around the early days of bitcoin, I saw the promise of decentralized money and decided to mine/buy/trade some magical internet tokens. The expectation shattering returns of bitcoin over many years has lead to an amount far more than I can spend,” the fund organizer said. “What do you do when you have more money than you can ever possibly spend? Donating most of it to charity is what I’m doing.”
As of the time of writing, the Pineapple Fund had made four donations, totaling $3.5 million. The Water Project, Watsi, and the Electronic Frontier Foundation had each received $1 million, while BitGive had received $500,000 — which appears to be the largest donation this organization has ever received.
Cryptocurrency investors are often depicted as selfish, greed-driven individuals. However, this is not the first time that the Bitcoin community — whether as a group or as represented by an individual — has rallied to support worthy charities and causes.
Sean’s Outpost, a non-profit organization in Florida funded by bitcoin donations, has served more than 167,000 meals to homeless members of the local community. Just this month, the community donated almost $2 million to bitcoin evangelist Andreas Antonopoulos after learning that he had been forced to sell his bitcoin holdings to pay his rent and continue working in the cryptocurrency space full-time during bitcoin’s “lean years.”
As with any group, cryptocurrency has its share of rapacious characters, but the stereotype that bitcoin holders are driven solely by greed is based far more on a two-dimensional caricature used to justify opposition to this nascent asset class than actual reality.
The truth is that the majority of cryptocurrency investors are honest, hardworking individuals who believe bitcoin will make the world a better place — and, when applicable, are willing to use their newfound wealth to help make that a reality.
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