The story of the anonymous Bitcoin investor behind the Pineapple Fund is a humble reminder that there are still some good, kind hearted people in the world.
During the epic cryptocurrency bull run of late 2017, the term ‘Bitcoin Millionaire’ was echoed far and wide. It seemed every major publication outlet was covering stories of the many early investors now turned millionaires due to the enormous price hike of the world’s first cryptocurrency.
Stories such as that of Eric Finman, the 19 year old Bitcoin millionaire who had started by investing a $1000 gift from his Grandmother. The famous investors Tyler and Cameron Winklevoss who invested in Bitcoin back in 2013 reportedly saw their holdings exceed $1 billion in value.
There have also been a number of Bitcoin horror stories such as those early investors who discarded of old hard drives holding large amounts of Bitcoin, who were now frantically digging through landfills to find their discarded fortunes. Or the ‘Bitcoin pizza guy‘ who unknowingly at the time took one for the team and made the first real world cryptocurrency transaction, buying a $20 pizza for 10,000 Bitcoin back in 2010, worth at the current all time high almost $200 million!
But in amongst it all is one of the most heart warming Bitcoin stories, The Pineapple Fund.
What is the Pineapple Fund?
On 14th December 2017, just 3 days before Bitcoin reach it’s current all time high valuation of $19,525, an anonymous Reddit post, apparently from an investor who had been involved in Bitcoin since the ‘early days’ appeared, announcing he/she would be giving away 5,057 Bitcoin to charity. The post linked to the domain https://pineapplefund.org/ and that was how The Pineapple Fund was born.
I remember staring at bitcoin a few years ago. When bitcoin broke single digits for the first time, I thought that was a triumphant moment for bitcoin. I watched and admired the price jump to $15.. $20.. $30.. wow!
Today, I see $17,539 per BTC. I still don’t believe reality sometimes. Bitcoin has changed my life, and 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. I’m calling it 🍍 The Pineapple Fund.
Yes, donating ~$86 million worth of bitcoins to charities 🙂
The Pineapple Fund
So far, according to the Pineapple Fund website, 5104 Bitcoin has been donated to charity by The Pineapple Fund, worth at the current all time high $99.7 million!
“Pineapple Fund was an experiment in philanthropy with cryptocurrency wealth. What happens when your ‘play-money’ becomes a treasure chest, and you’re past the satiety point of money?
I decided to donate the majority of my cryptocurrency to charities around the world, with an open application process and funding charities big and small. I focused on causes I believe in, or causes I know will work from my experiences.
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.
I’m going to remain anonymous, because the point of the Pineapple Fund is not me. I consider this project a success. If you’re ever blessed with crypto fortune, consider supporting what you aspire our world to be :)”
What charities were donated to by The Pineapple Fund?
The first cause to receive a donation from The Pineapple Fund was Watsi.org. “We’re building technology to finance universal healthcare by crowdfunding surgeries and administering health insurance systems.” In total, Watsi received $2 million from The Pineapple Fund.
The three largest donations each received a $5 million in funding. The first is MAPS, a psychedelic research organisation looking into MDMA assisted psychotherapy for PTSD sufferers. The project has been very successful and the donation may have helped toward the FDA granting the breakthrough therapy designation. GiveDirectly also received $5 million from The Pineapple Fund and are using the money to facilitate sending money directly to those living in poverty. The Open Medicine Foundation also received $5 million which is helping “fund and initiate collaborative and groundbreaking research into chronic complex diseases so that patients will be able to live life more fully.”
All together 60 charities received donation from The Pineapple Fund and the full list, along with links to each charity can be found online at https://pineapplefund.org/.
Why the name, Pineapple Fund?
The question on the minds of everyone reading the story, why the name Pineapple Fund? “I really like pineapple. Did you know that pineapples contain high levels of bromelain, which has been shown to be an effective anti-inflammatory, muscle relaxant, and digestive aid?!” That’s the answer given on the FAQ section of the site, what better reason than really liking Pineapple!
The whole story is truly inspirational and the generosity is astounding. What’s more is that the person behind it has chosen to stay anonymous and is likely to remain anonymous forever.