Bitcoin has made many millionaires this year. And with this sudden shower of wealth, a lot of these new millionaires are also engaging themselves in generous activities. One such Bitcoin-based online charitable trust that has emerged is the ‘Pineapple Fund’.
First announced on a subreddit earlier this month, the creator of this fund is unknown – apparently (s)he doesn’t care to walk in the limelight. The charitable fund has pledged to donate 5057 BTC, which is equivalent to around $86 million.
Recently, the Internet Archive, a non-profit digital archive library, received a $1 million donation from the Pineapple Fund.
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This funding came through when the Internet Archive launched its latest fundraising campaign of $1.5 million. The donation of $1 million was a huge chunk of the desired amount.
In an online statement, the Internet Archive’s team noted: “We so admire this donor using Bitcoin as the currency of giving this season, and are honored to be the recipients of such a gift. Whoever you are, you are doing a world of good. Thank you.”
The Web Archive holds essential tools like the Internet Wayback Machine which caches versions of websites across the internet and also provide vaults of audio and video files. After the launch of this project way back in 1996, this project attracted a wide range of audience ranging from historians to journalists.
While announcing this fund on Reddit, the person behind this wrote: “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.”
So far, the Pineapple Fund has donated more than $15 million to 14 charities worldwide. Some of the recipients are the Water Foundation ($1 million), the Electronic Frontier Foundation ($1 million), and Pencils of Promise ($1 million). The fund even donated $5 million to the poverty charity Give Directly, which is the largest donation so far.