If one had a fortune in bitcoins, what would one do with it?
A Bitcoin whale (a term that is usually used for someone who owns a whole lot of bitcoins) has decided to utterly give most of it away to charities.
The anonymous benefactor revealed his intentions on Reddit and created a site for this endeavour which the benefactor had called the Pineapple Fund.
The benefactor wrote on Reddit: “I remember starting at bitcoin a few years ago. (…) 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. I’m calling it ? The Pineapple Fund.”
According to the website, the fund is going to donate to worthy charities, preferably to those that are registered, and not to individuals. However, exceptions may be made only in “exceptional circumstances.”
The fund has a total of 5,057 bitcoins, which is currently around $86.4 million at today’s prices, and it represents the majority of the cryptocurrency holdings of the owner.
Of course, with the benefactor staying anonymous, it is hard to uncover his or her true intentions. However, the Bitcoin address that is associated with the said fund indeed had a balance amounting to 5,058 bitcoins and had sent out 228 bitcoins in total so far.
So far, the Pineapple Fund has already donated $1 million to The Water Project, Watsi, Maps, and the EFF as well as $500,000 to the BitGive foundation.
So why do all this and stay anonymous? The creator of the fund has an interesting explanation that is included in the FAQ.
The creator wrote: “The more bitcoin goes up, the more worried I am of my safety. I’d like to live a very low profile life, and most people in my life don’t even know the magnitude of bitcoins I have.”