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Reddit Philanthropist Pledges $85 Million in Bitcoin to Various Charities

Pineapple Fund Bids Farewell After Donating $55 Million To Charities

Reading Time: 2 minutes by on May 11, 2018 Altcoins, Bitcoin, Finance, News

Pineapple Fund founder who identifies himself as u/Pine made his last donation, also saying goodbye to the fund itself. He started the fund to redistribute his newly found bitcoin fortune for the betterment of society. Pine claims to be amongst the top 250 bitcoin holders in the world.

Source: Pineapple Fund

The Mission of the Fund    

Pineapple Fund was created to support those who need help the most:

“From clinical trials of psychedelics for PTSD to teaching kids to read & write, Pineapple Fund, is about making bold and smart bets that hopefully impact everyone in our world.”

Founder believes that “once you have enough money, money doesn’t really matter.” That are not only words, as every donation is traceable, proven and linked, so everyone interested can check it any time.  The whole fund is considered to be a big success. Pineapple Fund turned out to be bigger than the entire market cap of bitcoin in the days when Pine started investing in bitcoins.

Source: BlockCypher

The Reasons Behind the Success of the Fund.

The organization was funded exactly when the 2017 crypto was at its peak, valuing 5014 bitcoins ~ $85 Million.

‘Pine’ remains anonymous, which is also believed to be a reason behind such popularity of the fund. Furthermore, the organization motivated Vitalik Buterin, founder of Ethereum, who donated $2.4 Million towards SENS Foundation. Right around that date, an anonymous fund operator asked people of Reddit where the recently donated money should be spent. A few days later, Pineapple Fund itself donated additional $1 Million for the same organization as Vitalik.

What is Next? Future of the Fund

As u/Pine stated, every improvement of bitcoin brings us closer to solving existing financial and monetary system problems. He also said this “created a new generation of crypto early adopters, cypherpunks or technologists using cryptography to change the world; and now having the power and responsibility of capital.”

Pine misses the time when bitcoin was a small community, the number of altcoins could be counted using one hand and finding someone who even knew about bitcoin was incredibly hard and rare. Times had changed, and so did the way of how bitcoin is viewed by the people.

Furthermore, he also claims that “there’s room for dessert in a few years” and states that if someone like him – blessed with the crypto fortune, should consider supporting the fund.

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