Pineapple Bitcoin Fund Donations
3 min read

Bitcoin Philanthropy: Pineapple Fund to Give $86m to Charity

By Editorial Team

Cryptocurency traders are often thought of as return driven investors with all of their “To the Moon” and “Lambo” talk.

One would be forgiven for thinking that they were purely interested in self-enrichment.

However, the Bitcoin user base is indeed a large and diversified group and there are some really substantial philanthropists in the ecosystem.

A well-known example of this would be a cryptocurrency enthusiast by the name of “Pine”. He / she was the person behind the well-known “Pineapple fund”.

The pineapple fund has 5,057 BTC in it and has given about $8m of it away so far.

A New Type of Altruism

In the case of Pine, apparently he began mining the coins on an old PC that he had at home. This was back in a time when Bitcoin was still trading for only a few dollars.

Pine had kept the coins in his wallet all the way up as Bitcoin has rallied and broken record after record.

What makes the donation from Pine that much more genuine is that he / she is a semi anonymous individual. Unlike many other people who donate to charity, these actions are not meant to garner publicity.

In the Reddit post announcing his decision, he said that he will donate most of his Bitcoins because of how it has already impacted his life.

I have far more money than I can ever spend. My aims, goals, and motivations in life have nothing to do with having XX million or being the mega rich. So I’m doing something else: donating the majority of my bitcoins to charitable causes

One can only assume that because Pine is an early miner of Bitcoin that he must truly have made enough money to keep him satisfied personally for a long period of time. Sometimes the gift of giving is better.

Fund Mandate

According to Pine, the fund will be focusing the donations on medical research such as mental health. It will also fund some environmental initiatives as well as the fight against sexual abuse. These were the initiatives that were important for Pine.

This was why Pine took to Reddit. He wanted to get ideas of the most deserving charities in these fields. Those charities that managed to make the shortlist included SENS Research Foundation, Multidisciplinary Association for Psychedelic Studies (MAPS).

This is something that was confirmed by the MAPS charity itself. They will use the BTC to fund trials that will determine whether drugs similar to ecstasy can be used to treat PTSD.

Open the Gates

Just when one began to think that this generosity was restricted to only one individual, MAPS received a further 51.5 BTC from another anonymous donor.

This was the most in cryptocurrency donations that MAPS has received from all the cryptocurrency donations since 2013.

This is indeed an exciting time as it shows the use case for charitable giving with cryptocurrency. Instead of the usual process of sending charities some money, donors can merely send some funds over the crypto of their choice.

It also means that charities can adapt the demographic of their current donor class. It allows more tech savvy millennials to fund causes that they approve of in a way they are familiar with.

As Bitcoin and other cryptocurrencies continue to break records, one can only wonder how many undercover millionaire donors exist in all those high value addresses.

Featured Image via Fotolia

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Latest Posts

Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read

Related Posts

Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read
Top Desktop Crypto Wallets
The 8 Best Desktop Wallets in 2022
Top Desktop Crypto Wallets

The 8 Best Desktop Wallets in 2022

May 30, 2022 16 min read