If you’re not kicking your self for dumping all your Bitcoin simply earlier than the growth you then’re in all probability questioning: “What do you do when you have more money than you could ever possibly spend?” That’s the query one nameless philanthropist requested earlier than establishing the Pineapple Fund, an enormous stash of Bitcoin which is about to fund good causes wherever they could be.
Last week, the cryptocurrency fund pledged to donate $86 million by means of Bitcoin (BTC) to charities. Among the primary to obtain a bitcoin donation is the Multidisciplinary Association for Psychedelic Studies (MAPS), which conducts analysis into the therapeutic results of psychedelic medicine.
On December 14, the Fund despatched 59.89 BTC to MAPS, which within the courageous new world converts to $1,000,000 USD. The cash will go towards the ultimate spherical of trials essential to get MDMA, typically referred to as “ecstasy,” available on the market as a remedy for post-traumatic stress dysfunction as quickly as 2021.
Last summer time, the trials have been granted Breakthrough Therapy Designation by the FDA, a uncommon transfer used to acknowledge when a remedy that’s being researched exhibits vital enchancment over remedies already obtainable to sufferers. The designation will fast-track the remedy’s approval course of. And final week, they acquired one step nearer with the assistance of the Bitcoin growth.
“The blockchain community is helping to lead the way, not only in decentralized technologies and currencies, but in giving the gift of MDMA-assisted psychotherapy to the world in order to heal trauma and bring greater compassion to psychiatry and medicine,” MAPS Founder and Executive Director Rick Doblin stated in a press release thanking the Pineapple Fund for its generosity.
MAPS, the nonprofit that’s performed a key position within the psychedelic renaissance, is at present working to gather sufficient cash to proceed their MDMA trials. They’ve set a fundraising aim of $26 million. The donation from The Pineapple Fund has put them at $18.three million.
“It was a total surprise,” says MAPS’ Brad Burge. The staff of researchers first heard of the Pineapple Fund’s donations by way of Reddit on Wednesday night time (Dec 14) and utilized with none expectations. “Thursday morning they posted our logo on Reddit and we checked our bitcoin wallet and there it was,” Burge stated.
MAPS started accepting cryptocurrencies in 2013, however has by no means acquired a donation this massive. Still, Bitcoin and different on-line currencies have made up over $120,800 value of MAPS’ donations within the final 4 years.
Cryptocurrencies have grown virtually 50,000 % since MAPS first began amassing them. One Bitcoin is presently value greater than $18,000 USD.
“If we had chosen to hold on to all of the bitcoin we’ve gotten things would be a bit different now,” says Burge with amusing. But the nonprofit shouldn’t be up for playing with analysis which has confirmed to assist sufferers with treatment-resistant PTSD. “We don’t want to be in a position of losing a million dollars when the research is moving forward,” Burge stated.
News of the million-dollar donation additionally appears to have impressed others to donate to MAPS. Over the weekend, they acquired one other nameless donation of 51.5 BTC and Burge is hopeful that the outcomes of their trials will proceed to encourage extra help.
The Pineapple Fund nonetheless has $84 million left to provide. They have donated to eight charities thus far together with The Water Project, which supplies clear water to communities in Sub-Saharan Africa and the SENS Research Foundation, which research remedies for age-related sicknesses.