Pineapple Fund, a Bitcoin-only charity, has reportedly accomplished its ultimate mission and donated 5104 bitcoins (BTC) or $55 mln to various nonprofit organizations, the fund’s creator wrote in a farewell post on Reddit May 10.
In December, when the BTC price approached its record high of $20,000, an anonymous donor who goes by the nickname Pine set a goal to give away 5057 bitcoins worth around $86 mln at the time. The amount turned out to be worth $31 mln less than they had initially anticipated due to the dramatic drop of the crypto market in early 2018. The donor later described the market downturn in terms of a cryptocurrency “bubble”.
“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.”
As the donor reported on Pineapple Fund’s website, the fund donated $55,750,000 to 60 charities around the world, supporting a variety of projects from clean water supply in sub-Saharan Africa to digital rights protection.
In January, Pineapple Fund announced the donation of $4 mln to the non-profit organization Multidisciplinary Association for Psychedelic Studies (MAPS) to apply MDMA as a psychotherapy treatment for PTSD patients. In April, MAPS director Brad Burge reported the drug was showing “promising results for treating PTSD, claiming that the new treatment “involves only 3 administrations of a drug that’s been around for over 100 years.”
In February, UNICEF launched a charity drive that asked PC gamers to mine Ethereum (ETH) with the unused capacity of their high level graphics cards. Gamers could turn on the UNICEF ETH mining program when they were away from their computers, and the mined proceeds would go to support humanitarian aid for Syrian children.