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The world's largest basic income experiment just received a $5 million donation in bitcoin

Published: December 28, 2017
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Two of the year's trendiest niche ideas, basic income and bitcoin, have finally crossed paths.

The Pineapple Fund, a charity project started by a bitcoin millionaire, has committed $5 million worth of bitcoin to GiveDirectly, an organization that is currently running the largest basic income experiment in history across dozens of villages in rural Kenya.

GiveDirectly will split the money between its core model of issuing lump-sum cash transfers and the 12-year basic income experiment, the organization told Business Insider.

The Pineapple Fund announced the news on the basic income subreddit. In committing to supporting basic income, the fund adds GiveDirectly to a list of initiatives focused on giving people access to clean water, research into the use of psychedelics as medicine, and cures for aging.

Pine, the alias of the person who started the fund, found fortune through early investments in bitcoin. The Pineapple Fund has said it will give away nearly all of the $86 million it has amassed through bitcoin ownership.

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