Bitcoin (BTC) has come a long way since its launch in 2009. Once dismissed as a fantastical idea, the cryptocurrency is trading only slightly below $84,000 currently. In fact, it hit the all-
Bitcoin (BTC) has come a long way since its launch in 2009. Once dismissed as a fantastical idea, the cryptocurrency is trading only slightly below $84,000 currently. In fact, it hit the all-time high (ATH) of $126,080 in October last year.
But a lot of holders didn't realize its potential to gain more and ended up selling their Bitcoin for easy cash.
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One such case involves a Bitcoiner converting his holdings into cash to donate to charities instead of holding them long-term.
A Bitcoiner, with the Reddit username "PineappleFund," wrote a post on Dec. 13, 2017, that he had seen Bitcoin surge over the years and was now witness to it trading at $17,539. He said he had far more money than he could ever spend and was setting up "The Pineapple Fund" to donate the majority of his Bitcoin to charitable causes. He put the exact figure at 5,057 BTC, valued at approximately $86 million back then.
Five months later, the anonymous Bitcoiner disclosed making his last donation in a Reddit post on May 10, 2018.
Bitcoin's price had declined from around $16,500 to below $9,300 over this period of five months as the cryptocurrency witnessed a transition from a bull season to a long winter.
The Bitcoiner revealed that 5,104 Bitcoin was turned into $55 million in cash for charities.
The recipients included Watsi (healthcare), The Water Project (sustainable water projects in Africa), BitGive Foundation (blockchain for philanthropy), the Electronic Frontier Foundation, and the Internet Archive (both digital rights), among other groups.
Bitcoin has come a long way since then and is currently trading at $83,815. If "The Pineapple Fund" had not converted its 5,104 Bitcoin into cash and held it until today, the holdings would have been worth $427.78 million.
The amount is nearly eight times the $55 million that 5,104 Bitcoin was turned into back in 2018.
However, groups working in healthcare and water management sectors required liquid funds for optimizing operations at a local level and there is nothing as liquid as cash.
Holding Bitcoin for the long term would make sense to an investor as its price has seen a wild appreciation over the years. But for welfare groups, it's deliverables that matter the most and nothing is as resourceful as cash.
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