Bitcoin Tycoon to Give $86M Worth of Bitcoins to Charity

Bitcoin TycoonA Bitcoin (BTC) tycoon announced that he would be giving away a little over 5,000 bitcoins worth $86.4 million to charity.

(Read: What’s Bitcoin?)

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.

Bitcoin Billionaires

The donation does not come as a surprise considering that Bitcoin has made millionaires, if not billionaires, out of several persons.

(Read: Bitcoin Just Made the Winklevoss Twins Billionaires)

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.

Life-Changing

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 regard why he prefers to be anonymous, a Mashable report said the tycoon explained that it is for his security and safety.

What’s Next?

What are your thoughts on the Bitcoin tycoon’s endeavor? Share them by commenting below.

About Jimmy Rodela

Jimmy Rodela is a Freelance Writer and a Content Marketer. He is the Founder of the Guild of Bloggers. He is a contributor on websites with millions of monthly traffic like Yahoo.com, Business.com, Monster.com, Business2Community and SocialMediaToday.com. Follow him on: LinkedinTwitterFacebookGoogle +,Read more about me

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