$55 Million: Bitcoin Charity Pineapple Fund Closes after Donating over 5,100 BTC

Francisco Memoria
  • After donating 5,104 BTC, worth over $55 million, the Pineapple Fund is shutting down.
  • The charities it donated to include The Water Project, the Free Software Foundation, and the Electronic Frontier Foundation.

The Pineapple Fund, a charity launched by an early bitcoin adopter who claims to have gone past the satiety point of money, has recently announced it’s shutting down, after donating 5,104 BTC, worth $55 million, to 60 different charities.

Through a Reddit post, the Pineapple Fund revealed that after making its last donation to the Internet Archive, a non-profit organization created to build an Internet library, “it might be a good time to say farewell.”

The anonymous philanthropist behind the fund used the post to thank the cryptocurrency community, both for helping him choose charities to donate to, and for helping cryptocurrencies like bitcoin become widely known. The post reads:

“I just want to thank everyone for supporting this project. Thank you for all the charity suggestions, many of which were funded. Thank you for all the positive messages and love sent my way. And also, thank you, the Bitcoin and cryptocurrency community, for turning a Sourceforge project into a $0.5T industry.”

Pineapple Fund

Some of the charities the Pineapple Fund donated to include The Water Project, which provides people in sub-Saharan Africa clean water, the Electronic Frontier Foundation, a digital rights watchdog, and the Free Software Foundation, a non-profit that aims to promote computer user freedom by defending the rights of all software users. All of the fund’s donations can be verified on the blockchain.

The philanthropist behind it has remained anonymous, as he claims the fund’s point isn’t about him or her. In his Reddit post, after claiming to “miss the old times when bitcoin was a small community,” the philanthropist stated:

“Every development since then makes Bitcoin stronger and better at solving the problems of the existing financial and monetary system. It's created a new generation of crypto early adopters, cypherpunks or technologists using cryptography to change the world; and now having the power and responsibility of capital.”

Pneapple Fund

Near the end, the post hints at a potential new round of charitable donations in the future, as it reads that the Pineapple Fund is going to say goodbye for now, but “maybe there’s room for dessert in a few years.” The last paragraph asks other cryptocurrency community members who’ve been “blessed with crypto fortune” to consider supporting what they aspire our world to be.

Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

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