The owner of a Bitcoin wallet with 5,057 coins realized that he has more than he can spend and decided to donate most of his wealth to charitable purposes. The total value of the wallet at that time was about...
The owner of a Bitcoin wallet with 5,057 coins realized that he has more than he can spend and decided to donate most of his wealth to charitable purposes. The total value of the wallet at that time was about $86 million.
This unknown millionaire announced his decision on Reddit. He created the Pineapple Fund which is essentially just a website with information about the project and donations. It also has an application form for non-profit organizations that want to get help from the foundation.
The millionaire said on Reddit that he chose this name because he likes pineapples and the domain name pineapplefund.org was free.
On December 4th, the domain for the fund was registered and the patron decided to withdraw the cryptocurrency from the Bitfinex exchange. Due to problems with the exchange, the Bitcoins managed to be withdrawn only two days later. And on December 8th the Watsi foundation received the first donation from the Pineapple Fund - $1 million. Watsi allocates funds for medical care in Central America and Africa.
As of now, 7 more organizations have received donations: The Water Project, the Electronic Frontier Foundation, Sharity water, SENS Research Foundation, and MAPS - also for $1 million, BitGive - $500,000, and OpenBSD $50,000. The tycoon still has 4714 Bitcoins which is about $88 million at the current rate. So the philanthropist's wealth went up in dollars even with his donations.
This is not the only example when people who have become wealthy because of Bitcoins do not spend all their money on themselves, but try to help others. A couple, Halle Tekko and Jeff Hammerbaker, decided to spend the profit they received due to the growth of Bitcoin in 2017 for the research of cancer in the MUSC Hollings Cancer Center. They hope that their example will inspire others to do similar things.
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