‘Pineapple Fund’ Donates $86M Worth of Bitcoin to Charity
It seems that a lot of the early adopters of Bitcoin are going through the dilemma of what to do with their money. As we all know, the value of Bitcoin shot up to astronomical heights in 2017.
Even if you just bought $100 worth of Bitcoin during the first months of 2017, that money is now worth around $1,500 to $2,000 by the end of the year.
The new traction might be mind-blowing, but Bitcoin has been around since 2009. In other words, a lot of the early adopters are getting ridiculously rich.
You might have heard the news about some early adopters buying Lamborghinis and other expensive commodities.
But one anonymous early adopter is standing out from the rest, giving away $86 million to charity.
The early adopter formally named his/her organization as Pineapple Fund. The anonymous founder publicly declared that he or she is donating 5,057 BTC in total to the effort.
Since the public announcement, the Pineapple Fund has already donated $7,550,000 to various charities.
Spirit of Giving Behind Pineapple Fund
The head of the fund, known casually as “Pine,” has stated that they are happy to have been given the opportunity to help change the world for the better.
These days, there’s a lot of news being reported about scandals and fraudulent activities all for the sake of greed and hoarding money. It’s a breath of fresh air to hear a millionaire is donating large sums of money for worthy causes.
Pine also mentioned that there are three criteria he or she is looking before donating money. They are:
- The impact of the work, especially on a global scale.
- The ability and skills of the organization.
- The efficiency and sustainability of the organization.
And yet, Pine wraps everything by saying that he or she is mainly running on gut instinct. It mostly boils down to whether the organization is to be trusted.
There are already nine recipients of Pineapple Fund’s donation money. Most of these recipients are focused on helping alleviate poverty, defending human rights and developing open-source technology projects.
The Electronic Frontier Foundation is one of the first few recipients of Pineapple Fund’s charity money.
The organization aims to defend people’s rights on the internet by upholding the right to privacy, civil rights and free expression. It has received $1 million (in BTC) from Pineapple Fund.
Internet Archive is also a recipient of a Pineapple Fund donation.
Watsi is yet another awardee for funding from Pineapple Fund, and they run on a mission of introducing a universal healthcare system for the United States.
There’s also SENS Research Foundation, which focuses on finding a cure for several degenerative diseases, as well as The Water Project, an organization that aims to establish safe and drinkable water resources for regions in Sub-Saharan Africa.
Pineapple Fund also provided a donation of $1 million in BTC for advanced clinical trials that treat post-traumatic stress disorder.
Challenging a Certain Bitcoin Narrative
Many people first heard about Bitcoin through the infamous Silk Road bust. The Silk Road was a sort of eBay of the dark web, selling illegal items and services.
Since then, a lot of people associate Bitcoin with criminals and/or illegal activities.
Pineapple Fund’s generosity is directly challenging the narrative that Bitcoin is a currency that is used by criminals.
While it is true that this narrative is slowly shifting in the eyes of the public, Pineapple Fund’s generosity will certainly help speed up the process.
And yet, for many doubters, this philanthropy will hardly change their mind when it comes to treating Bitcoin as a big bubble, much like the so-called “Tulip Mania” bubble.
For many Bitcoin supporters, the steep rise is not a bubble. It’s merely a reflection of the adoption rate.
According to a concept offered by Bitcoin experts, if you take Bitcoin’s price chart, took out the label and replace it with something like “Facebook Adoption Rate,” then most people would consider it as normal.
And yet, Pine has a different view of the subject. He or she finds Bitcoin as a bit overvalued these days.
Nevertheless, Pine is confident that Bitcoin and blockchain technology is going to revolutionize the world of finance and banking.
At the moment, Bitcoin is having a lot of scaling problems. Bitcoin supporters are quick to point out the value of Bitcoin is based on its utility.
When it comes to the utility of quick transfers and cheap transaction costs, Bitcoin is not yet able to deliver. This is perhaps the reason why Pine thinks that Bitcoin is a bit overvalued.
Regardless of speculation around the value of Bitcoin, it is obvious that Pine is not in the showing-off business, and that’s why he/she is sharing the wealth to where it matters the most.