Philanthropy has entered the bitcoin era. Last week, a cryptocurrency enthusiast named &ldquo,Pine&rdquo, founded the $86 million (Five,057 BTC) Pineapple Fund (motto: &ldquo,Because once you have enough money, money doesn&rsquo,t matter.&rdquo,). Spil of Dec. Nineteen, the Pineapple Fund had committed about $8 million to eight charities.
The anonymous philanthropist will reportedly donate a &ldquo,majority&rdquo, of his or hier cryptocurrency holdings, according to the webstek. &ldquo,I still don&rsquo,t believe reality sometimes,&rdquo, Pine writes on reddit. &ldquo,Bitcoin has switched my life, and I have far more money than I can everzwijn spend.&rdquo,
Bitcoin Tv-programma reports that Pine embarked minting bitcoin at huis on an old PC and, unlike many early adopters of bitcoin who sold currencies to pay bills and expenses, he or she held on to them through a rally that has seen the currency&rsquo,s value rocket from about $200 to more than $Legal,000 te the last three years.
The Pineapple Fund will concentrate on medical research, mental health, wildlife and environmental conservation, fighting domestic violence and sexual manhandle, and technology-related causes. &ldquo,Why thesis?&rdquo, the donor told Bitcoin Tv-programma. &ldquo,Well, it&rsquo,s not that I think they are the most significant or have the highest influence, because I think everyone has a different set of values. They align with my values, and I think any contribution to those causes will bring some good to this world wij all share.&rdquo,
Ter keeping with the fast-moving ethos of the crypto world, Pine&rsquo,s week-old charity (it&rsquo,s not clear it&rsquo,s anything more than a bitcoin wallet and webstek) took to Reddit to solicit recommendations. Te a rapid give and take, Pine responded to people posting on reddit by committing more than a million te donations to SENS Research Foundation, a Mountain View, California-based institute dedicated to curing the diseases of aging, and the Multidisciplinary Association for Psychedelic Studies (MAPS) for people to benefit from the uses of psychedelics and marijuana.
MAPS confirmed that the Pineapple Fund had donated 59.89 Bitcoin (BTC), worth $1,000,000, to the non-profit this week. The money will help fund MAPS&rsquo, upcoming $26 million Phase Trio clinical trials for psychotherapy with MDMA (similar to the drug Rapture) to treat post-traumatic stress disorder.
But Pine&rsquo,s bounty wasgoed only the embark for MAPS. On Sunday (Dec. 17), MAPS received another $1 million or so (51.Five BTC) from an anonymous donor. That exceeds the $120,800 it has received ter cryptocurrencies since 2013, said Brad Burge, MAPS&rsquo, communications director.
Burge thinks it&rsquo,s the embark of something thicker. Charities that wish to receive cryptocurrencies merely need to postbode a public &ldquo,wallet,&rdquo, a number identifying an online address, where donors can make deposits. Most non-profits still don&rsquo,t have them. &ldquo,I expect overheen the next fresh months it will become pretty standard,&rdquo, he said.
The cryptocurrency boom will likely commence reshaping philanthropy spil it enriches a fresh generation of millionaires. Emmett Carson, the founder of the Silicon Valley Community Foundation, says donors from the tech world aren&rsquo,t like their East Coast predecessors.
&ldquo,The bulk of [traditional donors&rsquo,] philanthropic engagement came straks te life,&rdquo, Carson told Quartz last year. &ldquo,Today, philanthropists are much junior. They have amassed incredible resources at a much earlier age, and they&rsquo,re engaging te philanthropy at an earlier age,&rdquo, often providing away the bulk of their wealth during their lifetimes. While building an bearing charitable foundation wasgoed once the vision, says Carson, many of today&rsquo,s tech philanthropists treat providing away money similar to how they amassed their wealth: making much fatter bets on a few causes far swifter.