Philanthropy has entered the bitcoin era. Last week, a cryptocurrency enthusiast named “Pine” founded the $86 million (5,057 BTC) Pineapple Fund (motto: “Because once you have enough money, money doesn’t matter.”). As of Dec. 19, the Pineapple Fund had committed about $8 million to eight charities.
The anonymous philanthropist will reportedly donate a “majority” of his or her cryptocurrency holdings, according to the website. “I still don’t believe reality sometimes,” Pine writes on reddit. “Bitcoin has changed my life, and I have far more money than I can ever spend.”
Bitcoin Magazine reports that Pine started minting bitcoin at home on an old PC and, unlike many early adopters of bitcoin who sold currencies to pay bills and expenses, he or she held on to them through a rally that has seen the currency’s value rocket from about $200 to more than $18,000 in the last three years.
The Pineapple Fund will focus on medical research, mental health, wildlife and environmental conservation, fighting domestic violence and sexual abuse, and technology-related causes. “Why these?” the donor told Bitcoin Magazine. “Well, it’s not that I think they are the most important or have the highest impact, because I think everyone has a different set of values. They align with my values, and I think any contribution to those causes will bring some good to this world we all share.”
In keeping with the fast-moving ethos of the crypto world, Pine’s week-old charity (it’s not clear it’s anything more than a bitcoin wallet and website) took to Reddit to solicit recommendations. In a rapid give and take, Pine responded to people posting on reddit by committing more than a million in donations to SENS Research Foundation, a Mountain View, California-based institute dedicated to curing the diseases of aging, and the Multidisciplinary Association for Psychedelic Studies (MAPS) for people to benefit from the uses of psychedelics and marijuana.
MAPS confirmed that the Pineapple Fund had donated 59.89 Bitcoin (BTC), worth $1,000,000, to the non-profit this week. The money will help fund MAPS’ upcoming $26 million Phase 3 clinical trials for psychotherapy with MDMA (similar to the drug Ecstasy) to treat post-traumatic stress disorder.