A Bitcoin (BTC) tycoon announced that he would be giving away a little over 5,000 bitcoins worth $86.4 million to charity.
The anonymous cryptocurrency “whale” (another term used to describe those who own lots of bitcoins) announced on Reddit that he has set up the Pineapple Fund for his philanthropic endeavor.
A website was also created for the fund, which has 5,057 bitcoins.
The donation does not come as a surprise considering that Bitcoin has made millionaires, if not billionaires, out of several persons.
The donor recalled starting dealing with BTC years ago.
“When bitcoin broke single digits for the first time, I thought that was a triumphant moment for bitcoin. I watched and admired the price jump to $15…$20…$30…Wow!”
Now that each BTC is worth $17,539, he said he still can’t believe how prosperous he has become.
He said Bitcoin changed his life and that he now has “far more money” than he can ever spend.
He also said his “aims, goals, and motivations in life have nothing to do with having XX million or being the mega-rich.”
The Bitcoin tycoon revealed that the fund had benefited four groups so far. The recipients are Watsi ($1 million), The Water Project ($1 million), EFF ($1 million), and BitGive Foundation ($500,000).
The benefactor appealed to those who know a registered nonprofit charity to apply on the website.
Donations are only for groups
He said that while he prefers to support registered charities, he is open to supporting charitable causes as well.
He emphasized that he does not donate to individuals.
With regards to why he prefers to be anonymous, a Mashable report said the tycoon explained that it is for his security and safety.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Taur, a high-tech electric scooter that was funded via Kickstarter
Taur, a new electric scooter that was funded through a crowdfunding campaign on Kickstarter can now be purchased for $1.106...
V recovery versus K recovery: what is it going to be?
The markets continue to trace out what could prove to be an important top. There are no sell signals yet,...
Gold & Dow Jones’ step sum symmetry
Like the Dow Jones, gold too is range bound between its BEV Zero and BEV -10% lines below. This is...
Alibaba’s fintech branch goes public after receiving the permission
Ant received this Wednesday, October 21st the permission from the China Securities Regulatory Commission. The jump to the stock market...
Roche signs its new diabetes business manager in Spain to Isdin
The company Roche Diabetes Care Spain, part of the Swiss pharmaceutical group, has appointed Josep Maria Vallmajó to hold the...
Africa7 days ago
Why countries in southern Africa could become leaders in the cannabis sector
Featured6 days ago
B2B only: Spotcap sells credit business to Ferratum
Business7 days ago
How COVID-19 has changed the VC landscape
Business7 days ago
How to market your business during and after the pandemic