Bitcoin-Only Charity Fund Donates $1 Mln To Internet Archive
One early adopter has given $1 mln to the Internet Archive nonprofit, aims to donate $86 mln worth of Bitcoin in total.
Pineapple Fund has donated $1 mln in Bitcoins to the Internet Archive this Saturday. Pineapple is a Bitcoin-only charity established in early December 2017, whose ultimate goal is to give $86 mln worth of Bitcoin to various nonprofit organizations.
For early adopters, Bitcoin’s massive rise in value has been a remarkable ride from rags to riches, and some are now deciding to give back. The Pineapple Fund has been launched by an anonymous person who goes by the username /u/PineappleFund on Reddit.
The donor has created a website to issue reports as to which organizations have been given Bitcoin donations so far. It also includes a form for those nonprofits who would like to apply for future donations.
To date, the charity has given 657 BTC - approximately $8.5 mln - to 13 organizations, which focus on specific areas, such as providing clean water to sub-Saharan Africa, building technology for universal healthcare and improving the treatment of age-related diseases.
The fund’s homepage claims:
“Our main themes are supporting medical research, gender equality and taking innovative approaches to do good in this world.”
The motive for the donation is explicit on the site as well:
“Donating $86 mln of Bitcoins to charity. Because once you have enough money, money doesn’t matter.”
Many early adopters of Bitcoin have been in the news recently. For example, the Winklevoss brothers purchased approximately one percent of the outstanding supply of BTC in 2013 - an investment which has resulted in them becoming the first Bitcoin billionaires.