When Bitcoin hit the $20,000 high in late 2017 there was endless talk of how much money people holding coins had made. It was reminiscent of Dublin during the Celtic Tiger where dinner party conversations were dominated by the rising price of houses. On the face of it, these Bitcoin conversations were all about greed. However there are exceptions.
While there are many people making money from Bitcoin, there are also do-gooders who are donating Bitcoin to charities and causes. We have covered some of these people and organisations here (Paxful) and here (CharityStars).
One of the largest donators to hit the press ever in the history of Bitcoin is an unknown man or woman who goes by the name ‘Pine’ and has set up ‘The Pineapple Fund’. The name The Pineapple Fund comes from the fact that if you eat too much pineapple your mouth can become sore and you can develop a temporary intolerance to them.
While anonymous, he or she quoted on their website: “I’ve always liked Pineapple but since it contains bromelain [an enzyme that digests protein] your mouth becomes tender if you eat too much of it. Then, like now, is a good time to share the pineapple. I have too many Bitcoins for the life I would like to live, so I am sharing them.”
‘Pine’ got on the bitcoin train near the very beginning : “I remember starting Bitcoin a few years ago. When Bitcoin broke single digits for the first time.”
Years later and now ‘Pine’ finds they have too much bitcoin: “Bitcoin has changed my life, and I have far more money than I can ever spend”.
While many people may be very envious of this person, it is heart-warming to see ‘Pine’ ready to donate up to $86 million to deserving charities and causes.
The Pineapple Fund was set up to receive applications and recommendations on which charities and causes should receive donations. ‘Pine’ and a friend are reviewing the applications and then decide who to donate to based on three main requirements-
- How impactful their work is (especially on an international scale);
- What new innovative skills they are bringing to the table;
- and how efficient and sustainable they are.
However according to ‘Pine’ another important factor is their gut. Pine says: “But to be honest, the biggest factor is my gut. I only fund charities that I trust, and with trust, I believe they are best posed to answer the more micro questions and do good in this world.”
Some of the charities that The Pineapple Fund has donated to so far include Watsi, the SENS Research Foundation, The Water Project and MAPS (Multidisciplinary Association for Psychedelic Studies).
‘Pine’ and The Pineapple Fund seem to be starting a trend. MAPS was the lucky recipient of a further anonymous donation of almost $1m in bitcoin after the announcement of The Pineapple Fund donation went public.
‘Pine’ is certainly inspirational. On the website ‘Pine’concludes: “Once you have enough money, money doesn’t matter.”
However, if you want to apply to the fund it closed already, or at least this first round has closed. They received zillions of emails and are currently sifting through the bulging inbox. 14 charities have been identified already and more will be announced in the coming months. Spending the bitcoin may be a tougher job than ‘Pine’ anticipated.