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Bitcoin-Only Charity Promises $4 Million for PTSD Research

Jan 12, 2018 Posted /  3961 Views

Bitcoin-Only Charity Promises $4 Million for PTSD Research

Pineapple Fund, a Bitcoin-only charity, has vowed to raise equivalent to $4 mln in donations, which will be bequeathed to a non-profit organisation for MDMA-based PTSD research.

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The non-profit organisation, which is directing the research, the Multidisciplinary Association for Psychedelic Studies (MAPS), is soliciting a sum of $25 mln in donations for Phase 3 of their drug trials. MAPS expect to employ MDMA-assisted psychotherapy as an efficacious remedy for PTSD sufferers.

As reported by media sources before the Pineapple Fund of Bitcoin charity was conceived in early December 2017 by an unidentified donor, which has the Reddit profile and a handle named as /u/PineappleFund. Interestingly, the donor has impersonated himself or herself as an early Bitcoin adopter whose main motive is to contribute $86 mln, or 5057 bitcoins, of earnings to charity.

A post on Jan. 10  on Reddit by the profile of /u/PineappleFund declares that it invites for bitcoin contributions for the research in MAPS and additionally, an announcement was made through the post that it pledges to contribute $4 mln for the same. The post also emphasizes the utility and efficacy of the MAPS trials. The anonymous donor claims that it is doing so because it sees as a lack of effective FDA-approved treatments for those suffering from PTSD.

/u/PineappleFund requests to the cryptocurrency community to transfer Bitcoin or fiat payments as charitable contributions to MAPS-

“If you believe that psychedelic drugs can have incredible therapeutic potential, then I believe this is one of the highest impact projects today.”

The explanatory posts by the nameless donor then resolves and complete after finishing that:

“I believe we, the cryptocurrency community, can fully fund Phase 3 trials. Prescription MDMA could be a gift to this world from the bitcoin community.”

Before announcement by the Pineapple fund, there were reports published in the media that FDA approval for the experimental therapies is expected by 2021 and it will be effective after confirming the positive results of the Phase 3 trials.

It is expected not to be a fraudulent investment as the Pineapple Fund already gave 59.89 bitcoin, which accounts for $1 mln at the time of donation, to MAPS on December 14, 2017. As per the Pineapple Fund’s website, so far approximately $20 mln of donations have been forwarded to 23 organizations, including the Internet Archive, an NGO financing universal health care, and a philanthropic blockchain technology company.

Significantly, Pineapple Fund is not the only Bitcoin-only charity: BitHope, a Bulgarian-based NGO, completely accepts cryptocurrency to fund crowdsourced campaigns on its site. Additionally, Bitcoin-based charities include BitGive and common collection.

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Tags: cryptocurrency Pineapple Fund cryptocurrency community Bitcoin Charity PTSD Research

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