Although it seems as if most people only got acquainted with the Pineapple Fund yesterday, the venture is shutting down once and for all. This “experiment in philanthropy” has seen many great successes, but the time has come to move on. It will be interesting to see which venture takes its place. Donating $55 million worth of Bitcoin to charities around the world is nothing to sneeze at.
The Success of the Pineapple Fund
For those unfamiliar with the Pineapple Fund, it was a project meant to bring Bitcoin to charities all over the world. The person responsible for creating this venture donated the majority of his or her own cryptocurrency holdings to various charities and good causes. Anyone in need of funding could apply through the project’s website and have their organization vetted. It was a simple business model which seemingly worked out quite well.
Since its launch, the Pineapple Fund has successfully contributed to charities big and small. Any legitimate cause that the owner believed in – or that at least had a chance of succeeding – received a contribution in the form of Bitcoin. By taking this route, the world’s leading cryptocurrency received positive attention. It also highlighted the benefits of dealing in cryptocurrency rather than traditional payment methods.
With $55 million in Bitcoin donations to date, it is safe to say the Pineapple Fund has been a success. During last year’s massive price bubble, the owner converted a total of 5,104 BTC to $55 million, which was then distributed among the eligible charities. Even though no one knows who is behind this charitable venture, the success of this project cannot be denied. Unfortunately, it will not be continued.
One has to acknowledge the Pineapple Fund has always been a rather unique philanthropic effort. Most people who contribute to charities want to be in the spotlight. The individual known only as “Pine” has no such desire, which makes him or her a very unusual individual among both philanthropists and Bitcoin enthusiasts. People generally like to highlight their wealth, but Pine has always maintained a completely different mindset.
It remains unclear why the Pineapple Fund will cease to exist. Ending on a high note is always a smart idea. Additionally, Pine made it a goal to donate $55 million worth of Bitcoin to charity, and that goal has been reached. Whether it was done well ahead of schedule, or perhaps took longer than Pine expected, will remain a bit of a mystery. Either way, the end result is still the same, which is all that matters in the end.
With 60 different charities having been supported, the Pineapple Fund achieved the goal it set out to accomplish. Among the supported charities were Charity: Water, OpenBSD, Quill, The Reagent Project, WildMe, and many others. In all, the Pineapple Fund received over 10,000 applications for funding, which further shows how much interest this venture generated. It was a remarkable feat, and a valuable addition to the history of Bitcoin.