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Bitcoin worth $5 Million donated by Pineapple fund to Open Medicine foundation

Feb 03, 2018 Posted /  2890 Views

Bitcoin worth $5 Million donated by Pineapple fund to Open Medicine foundation

Enough of criticism has evolved and encircled around the use of cryptocurrencies, but Pineapple fund is one firm which has taught us that the virtual currency can be utilized for the charity purposes too and that too in a very great way. Pineapple fund whose founders have mostly remained anonymous since it started out as a charity fund has made donations again. Recently, the fund gave $5 million worth of bitcoin to the Agoura Hills, a California based open medicine Foundation (OMF) in two different donations.

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Pineapple fund, a non-profit organization has successfully been able to grow as virtual currency philanthropy and spread the case triumphantly. The funds which were deposited into the Pineapple funds' Bitpay account as per the media reports are being converted into US dollars now. The reports in the media suggest that these funds will now be directed towards “accelerating much-needed research for myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) and related chronic complex diseases.”

The transaction was made by someone named Pine from the non-profit and directed the amount of $ 1 million in bitcoin on January 14 to OMF. Subsequent to this donation a charity of $4 million was made on February 2. This has created an affirmation around the use of cryptocurrency which depicts that currency can become a medium of spreading positivity if utilized in a right way. This example will go a long distance in the history of bitcoin as the cryptocurrency enthusiasts feel optimistic as well as grateful for this bitcoin gift.

The Social media Boost

One OMF blog post commented

“Linda Tannenbaum, OMF CEO/President, believes the additional donation was made in response to the overwhelming gratitude expressed by the patient community on Reddit and other social media.”

As the donation was made thousands of messages from the social media community like Facebook, Reddit and Twitter showered in, with everyone applauding the move. Many enthusiasts came to the platforms saying that they don't know much about Pine, as the founder's identity whether it is male or female or any other details apart  from the fact that Pine is an early bitcoin investor who decided that it would use the crypto-wealth for a social good. There was also one other revelation on the fund's website which remarked that Pineapple fund was among the "richest 250 bitcoin addresses."

OMF forwarded a press release to the media which elaborated how the bitcoin gift will help the foundation. It was told that the foundation would now-

“create a diagnostic test for ME/CFS”

“scale up patient data analysis”

“accelerate the development of new technology to identify treatment options”

“research towards a cure”

Just the right dose

the cryptocurrency space at the present moment is enclosed with mistrust, uncertainty, frauds and doubts which has made the prices of the currency fall down too and even banks are running rampant to escalate the bans amidst regulation announcements by several governments.

Tannenbaum which started the OMF, a foundation to help millions of people across the globe who suffer from ME/CFS which also included her daughter had struck a chord with Pine. The foundation is proud of its support from some of the world's top minds and leaders in science and researches some of whom are Nobel laureates and members of the National Academy of Sciences. They even boast of their presence in the Scientific Advisory Board.  

Pineapple fund has a good amount of cryptocurrency holdings and has utilized it for the charity purposes majorly. OMF says that Pine had a message to deliver, it said

“I had known about ME/CFS for a while, and I know it is a serious condition without much in the way of treatment or research. I’ve recently received letters of support from esteemed academics in the field strongly supporting OMF, and that helped me make the decision!”

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Tags: Cryptocurrencies Pineapple Fund worth of Bitcoin OMF crypto donation

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