Cryptocurrency

Bitcoin Early Investor Is Donating 9, 887 BTC (over 176 Million US Dollar) to Charity

(Last Updated On: December 15, 2017)

#BitcoinCharity

One of the early bitcoin investors (Bitcoin Whale), who wants to remain anonymous, has announced that he had budgeted 9, 887 bitcoin to charity causes around the world, that is 176,528,776 US Dollar presently.

The philanthropist launched his bitcoin charity website Pineapple Fund where genuine and verified charity organizations could apply. Since its launch, eight charity organizations have so far benefited from the gesture. They include: watsi, The water project, BitcGive Foundation, eff, maps, open bsd foundation, sen research foundation and charity water.

Out of the budget, 5,057 BTC (US$86Mn) has so far gone to the beneficiaries, he made the announcement on its official website and on Reddit forum.

Is he a Bitcoin Whales?

The investor, who is believed to be one of the Bitcoin Whales says ‘Money Doesn’t Matter.’  Bitcoin Whales are early investors who bought millions of bitcoin when value of one bitcoin was below one US Dollar.

Bitcoin is the most valuable digital coin at the moment and it has taken the world by surprise, though some powerful government authorities around the world have been trying to come up with stringent regulations targeted at having firm grip on its control.

The donor writes:

 “What do you do when you have more money than you can ever possibly spend? Donating most of it to charity is what I’m doing. For reference, The Pineapple Fund is bigger than the entire market cap of bitcoin when I got in, and one of the richest 250 bitcoin addresses today.”

News.bitcoin says he’s been investing in bitcoin before it broke the single-digit price range, saying he saw the promise of bitcoin when others never believed in it. You can check the bitcoin value history below

“Sometime around the early days of bitcoin, I saw the promise of decentralized money and decided to mine/buy/trade some magical internet tokens. The expectation shattering returns of bitcoin over many years has lead to an amount far more than I can spend,” he says.

He explains that the “shattering returns” of bitcoin over the years has given him more money than he could ever spend in his lifetime.

“I like pineapple. The only bad thing about pineapple is you can’t eat too much,” he says when asked why he adopted the name Pineapple Fund

How real is Pineapple Fund?

He has provided digital proof of identity utilizing the bitcoin blockchain for people who doubt his originality.

Watsi, one of the beneficiaries has got $1Million worth of bitcoin, The Water Project got $1M worth of bitcoin; others include the Electronic Frontier Foundation ($1M), the Bitgive Foundation ($500), MAPS psychedelic studies ($1M), and the Open BSD Foundation ($500K).

Pineapple Fund says it supports a variety of charitable causes worldwide and it is looking to donate more money. However, the fund is not going to give bitcoins to just anyone who comes up with crooked non-profit organization provides an address, there are rules.

“The Pineapple Fund supports a diverse range of charitable causes worldwide — If you’re doing anything worthwhile, we invite you to apply,” explains the Pineapple Fund.

Bitcoin Donation is Growing Popular as the Price Increases In Value

Recently, we heard the incredible gift of over $700,000 in bitcoins to the well-known evangelist Andreas Antonopoulos. Just a few weeks ago bitcoiners paid off the land at the homeless outreach center, Satoshi Forest. It’d be recalled that during the hurricane that wreaked havoc on Texas, someone gave 10 BTC to help the 30,000 residents forced out of their homes.

Bitcoin value history from 2009-2017

Bitcoin value history (comparison to US$)
Date USD : 1 BTC Notes
Jan 2009 – Mar 2010 basically none No exchanges or market, users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user “SmokeTooMuch” auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.[136][137]
Mar 2010 $0.003 On 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating.
May 2010 less than $0.01 On 22 May 2010,[138] Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC.[139][140][141]
July 2010 $0.08 In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin.
Feb 2011 – April 2011 $1.00 Bitcoin takes parity with US dollar.[142]
8 July 2011 $31.00 top of first “bubble”, followed by the first price drop
Dec 2011 $2.00 minimum after few months
Dec 2012 $13.00 slowly rising for a year
11 April 2013 $266 top of a price rally, during which the value was growing by 5-10% daily.
May 2013 $130 basically stable, again slowly rising.
June 2013 $100 in June slowly dropping to $70, but rising in July to $110
Nov 2013 $350 — $1,242 from October $150–$200 in November, rising to $1,242 on 29 November 2013.[143]
Dec 2013 $600 — $1,000 Price crashed to $600, rebounded to $1,000, crashed again to the $500 range. Stabilized to the ~ $650–$800 range.
Jan 2014 $750 — $1,000 Price spiked to $1000 briefly, then settled in the $800–$900 range for the rest of the month.[144]
Feb 2014 $550 — $750 Price fell following the shutdown of Mt. Gox before recovering to the $600–$700 range.
Mar 2014 $450 — $700 Price continued to fall due to a false report regarding bitcoin ban in China[145] and uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges.[146]
Apr 2014 $340 — $530 The lowest price since the 2012–2013 Cypriot financial crisis had been reached at 3:25 AM on 11 April[147]
May 2014 $440 — $630 The downtrend first slow down and then reverse, increasing over 30% in the last days of May.
Mar 2015 $200 — $300 Price fell through to early 2015.
Early Nov 2015 $395 — $504 Large spike in value from 225–250 at the start of October to the 2015 record high of $504.
May–June 2016 $450 — $750 Large spike in value starting from $450 and reaching a maximum of $750.
July–September 2016 $600 — $630 Price stabilized in the low $600 range.
October–November 2016 $600 — $780 As the Chinese Renminbi depreciated against the US Dollar, bitcoin rose to the upper $700s.
January 2017 $800 — $1,150
5-12 January 2017 $750 — $920 Price fell 30% in a week, reaching a multi-month low of $750.
2-3 March 2017 $1,290+ Price broke above the November 2013 high of $1,242[148] and then traded above $1,290.[149]
April 2017 $1,210 — $1,250
May 2017 $2,000 Price reached a new high, reaching US$1,402.03 on 1 May 2017,[150] and over US$1,800 on 11 May 2017.[151]On 20 May 2017, the price of one bitcoin passed US$2,000 for the first time.
May–June 2017 $2,000 — $3,200+ Price reached an all-time high of $3,000 on 12 June and is oscilating around $2,500 since then. As of 6 August 2017, the price is $3,270.
August 2017 $4,400 On 5 August 2017, the price of one BTC passed US$3,000 for the first time. On 12 August 2017, the price of one BTC passed US$4,000 for the first time. Two days later, the price of one BTC passed US$4,400 for the first time.
September 2017 $5,000 On 1 September 2017, bitcoin broke US$5,000 for the first time, topping out at US$5,013.91.[152]
12 September 2017 $2,900 Price dipped harshly from China’s bitcoin ICO and exchange crackdown (those following improper practices)
13 October 2017 $5,600 Price shot back up as the world moves on past the incident following China’s crackdown
21 October 2017 $6,180 Price hit another all time high as the impending forks draw closer
6 November 2017 $7,300
12 November 2017 $5,519-6,295 Related to surge of price of Bitcoin Cash, topping at US$2477.65/BCH or approx 2.2-2.5x of value of Bitcoin Cash to one Bitcoin. The developments knocks out Ethereum as second most popular cryptocurrency into third over the total market cap of said cryptocurrency as per USD value at least temporary before Etherium steals the spot back at second place. Closed just shy of USD$6000/BTC
17-20 November 2017 $7,600-8,100 Briefly topped at USD $8004.59/BTC at 01:14:11 UTC before retreating from highs. At 05:35 UTC on 20 November 2017 it stood at USD$7,988.23/BTC according to CoinDesk.[153] This surge in Bitcoin may be related to developments in the 2017 Zimbabwean coup d’état. The market reaction in one Bitcoin exchange is alarming as 1 BTC topped nearly US$13,500, just shy of 2 times the value of the International market.[154][155]
25 November 2017 $9,000 Bitcoin surpasses the $9,000 mark for the first time.
28 November 2017 $10,000 Bitcoin surpasses $10,000 for the first time.
29 November 2017 $11,000 Bitcoin surpasses $11,000 for the first time.
5 December 2017 $12,000 Bitcoin surpasses $12,000 for the first time.
6 December 2017 $13,000 Bitcoin surpasses $13,000 for the first time.
7 December 2017 $17,000 Bitcoin surpasses $17,000 for the first time @ 23:03.
8 December 2017 $18,000 Bitcoin surpasses $18,000 for the first time @ 00:28.
8 December 2017 14,277 Bitcoin price dropped to ~ $14,000, but later that day it reaches $16,250
12 December 2017 17,000 Bitcoin price increased to ~ $17,000, all time high remains at ~ $19,697

Value of Bitcoin isn’t stable. It goes up and a little slip could be seen within minutes.

I BTC right now (15:16) is valued at 17, 770.99 US Dollar

Reference:

Wikipedia

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Opeyemi Quadri

Ope is the brain behind all contents on infobase, an online media which is among the earliest and foremost publications covering N-power Programme, cryptocurrency, travel guide and other problem-solving guides. He has authored over 1,000 articles for infobase.

When he isn't watching Channels Tv or BBC, he's on NatGeoWild. He's cryptocurrency and blockchain enthusiast. Email: ope@infobase.com.ng