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Documents Suggest Tether Has Fiat Funds to Back Stablecoin: Report
Tether Ltd. may have the cash reserves to back up its 1.8 billion dollar-pegged tokens, says Bloomberg.
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Meet "Pine," the Bitcoin Philanthropist Who Set Up the $85 Million Pineapple Fund
Yesterday, one post set the bitcoin subreddit on fire: An anonymous Bitcoiner who goes by the name of “Pine” that they are establishing the to donate 5,057 BTC, worth about $86 million at today’s exchange rate, to charitable causes.
“I’m very happy that I have held on to most of my bitcoins until today,” Pine told bitcoin Magazine. “Most early adopters of bitcoin actually don’t have much. They’ve sold to pay bills and expenses.”
Indeed, last week it was revealed that bitcoin evangelist was one of those who had not been in a position to hold his early coins long enough to reap the rewards. In a subsequent outpouring of appreciation, bitcoin enthusiasts of more than 100 BTC, equivalent to more than $1.7 million.
In this same spirit of giving back, Pine is sharing their own newfound wealth.
“Sometime around the early days of bitcoin, I saw the promise of decentralized money and decided to mine/buy/trade some magical internet tokens,” states the Pineapple Fund website. “The expectation shattering returns of bitcoin over many years has [led] to an amount far more than I can spend. 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.”
Some charities that are already receiving donations from the Pineapple Fund include , , , , , ($1 million each), ($500,000) and ($50,000).
Have you heard?! Yes, it's TRUE! We received an extremely generous donation of $500K from the Pineapple Fund!! HUGE THANKS!! Pineapple Fund has announced the most significant gesture EVER in to donate over 5,000 BTC!