Bitcoin Philanthropist Gives $1M to the Internet Archive


The rising value of Bitcoin has made some non-profits extra thankful this holiday season. The Internet Archive recently received a $1 million donation in the virtual currency from a mysterious philanthropist.

The donation arrived on Saturday when Bitcoin’s price hovered around $15,000 a coin, a value that hasn’t changed much since then.

“We so admire this donor using Bitcoin as the currency of giving this season, and are honored to be the recipients of such a gift,” the Internet Archive wrote in a blog post on Tuesday.

The donation comes from The Pineapple Fund, which is looking to donate 5,057 Bitcoins or about $80 million to nonprofits and charities. An anonymous Bitcoin miner named “Pine” established the fund after betting early on the virtual currency.

Pine’s investment, which included mining, buying and trading Bitcoin, has clearly paid off.

“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,” the Bitcoin miner wrote on the fund’s website.

So far, the fund has donated $15 million in Bitcoin, with the number of recipients growing to 14. The Internet Archive was chosen because its a “library that becomes more and more valuable everyday,” Pine wrote on Reddit.

On Wednesday, Pine also announced a $5 million donation to GiveDirectly, a non-profit that is fighting poverty in Africa. The group itself later confirmed the donation.