An anonymous Bitcoin whale known as the Pineapple Fund has once again demonstrated the philanthropic power of the crypto community. The fund announced a $5 million Bitcoin donation to the non-profit organization Give Directly, earmarked as seed capital for a project targeting people living in extreme poverty in Kenya, Uganda, and Rwanda. The funds will be used for direct cash transfers and to test the effectiveness of Universal Basic Income (UBI).
The Anonymous Whale Behind Pineapple Fund
The Pineapple Fund, founded by an anonymous Bitcoin holder going by the pseudonym 'Pine', has publicly disclosed an asset pool of $86 million. Since its first public appearance in early December 2017, the fund has already donated to six charities: Watsi ($1 million), The Water Project ($1 million), the Electronic Frontier Foundation ($1 million), the Bitgive Foundation ($500,000), MAPS psychedelic studies ($1 million), and the Open BSD Foundation ($500,000). The $5 million grant to Give Directly represents the seventh public donation.
Give Directly is known for its rigorous analytical approach to identifying the most impactful ways to distribute donations. The organization boasts a 91% efficiency rate, a high benchmark in a field where many charities waste far more on administrative and fundraising costs. Backed by Google and other major institutions, Give Directly focuses on sending cash directly to extremely poor families without intermediaries.
Universal Basic Income Experiment
Beyond directly helping specific families, the donation will also be used to test the Universal Basic Income concept. UBI was one of the hottest economic topics of 2017, often discussed as a solution to technological unemployment—ensuring people don't fall behind when robots take over current jobs. Give Directly’s pilot project in Kenya provides unconditional cash transfers to recipients who live on just $0.65 per day on average. By working in such low-cost regions, the organization can test UBI with modest expenses before it is implemented in more expensive parts of the world.
Other Bitcoin-driven charity initiatives are also gaining momentum. For instance, Paxful has committed to building 100 schools in Africa through the #BuiltWithBitcoin project. The Pineapple Fund’s latest donation once again proves that crypto assets can not only create wealth but also become a powerful tool for changing the world.
Data and background information in this article are sourced from the cryptocurrency news outlet Bitcoin.com.