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Redditor Uses $86 million’s Worth of Bitcoins to Set Up an Investment Fund

The Pineapple Fund has already donated around $5 million to 6 charities.

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A new Reddit user has opened an investment fund called ‘Pineapple Fund‘ to donate 5,057 Bitcoins to charities.

The benefactor provides real-time updates on the Bitcoin address as well as transactions, but has chosen to remain anonymous on the Internet. Pineapple Fund’s Bitcoin address is one of the 250 richest addresses to date. However, this will change once they donate half of their Bitcoin holdings to charities. On the original Reddit post, the contributor explains:

Today, I see $17,539 per BTC. I still don’t believe reality sometimes. 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 mega-rich. So I’m doing something else: donating the majority of my Bitcoins to charitable causes. I’m calling it ūüćć The Pineapple Fund.

Pineapple Fund urges people to provide them with details of non-profit organizations. However, this does not apply to individuals as stated in the FAQs: “Pineapple Fund is a charity, but not that kind of charity.” They have been taking suggestions from Reddit users, such as supporting the Open BSD Foundation. Here is a breakdown of the charities that have received the donations so far:

  • The Water Project – $1 million
  • Watsi – $1 million
  • BitGive – $500,000
  • EFF – $1 million
  • Maps – $1 million
  • OpenBSD – $50,000

Pineapple Fund accepts applications from registered charities but is willing to help any cause that requires their support. If you are a part of any non-profit organization, you can apply for a donation by clicking the link here.

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