Pineapple Funds Leaves with Farewell Post and Bitcoin Charity Donations
Pineapple Fund is a well-known Bitcoin charity with one primary mission – a donation of 5057 bitcoins ($86 million) miscellaneous nonprofit organizations of their choosing. In a farewell post on Reddit, the creators of the Pineapple Fund announced that their goal had been accomplished, and that their efforts were complete.
The total value of the bitcoin reached $20,000 in December 2017, which is when an anonymous donor, that only goes by Pine, setup a goal for the large donation. Unfortunately, the market dropped at the beginning of 2018, which would actually elicit a value of $31 million less than the projected goal.
In reference to the cryptocurrency “bubble,” the donor then released the following statement:
“Timed with the 2017 crypto bubble, 5104 BTC was turned into $55 million for charities. I'm happy and proud of the impact that will come, mostly thanks to the amazing charities and the dedicated people behind them.”
This statement was posted on the website.
The original goal was to reach 5057 bitcoins, but the organization actually ended up reaching and donating 5104 bitcoins ($55 million). The donations went to 60 different charities around the world, but the efforts were varied. Some of the companies dealt with digital rights production, while others reached other philanthropic efforts, like clean water supply in sub-Sahara Africa.
— A v B (@ArminVanBitcoin) May 10, 2018
Other donations noted includes $4 million for Multidisciplinary Association for Psychedelic Studies (for PTSD patients). The effort was for the use of MDMA to treat PTSD, which creators claim will take only three installments of the drug.
After donating $55M in Bitcoin wealth to charities, the anonymous benefactor behind The Pineapple Fund signs off. https://t.co/jyv9RqLPB2
— Bitcoin (@Bitcoin) May 11, 2018
The company also used an incentive in February for PC gamers to mine ETH to help bring funds to UNICEF.