The non-profit leading the research, the Multidisciplinary Association for Psychedelic Studies (MAPS), is seeking $25 mln in donations for Phase 3 of their drug trials. MAPS hopes to use MDMA-assisted psychotherapy as an effective treatment for PTSD sufferers.
The Pineapple Fund was created in early December 2017 by an anonymous donor who goes by the Reddit handle /u/PineappleFund. The donor presents themselves as an early Bitcoin adopter whose goal is to give $86 mln, or 5057 bitcoins, of earnings to charity.
A Jan. 10 Reddit post by /u/PineappleFund calls for donations to MAPS and announces the $4 mln pledge. The post also explains the usefulness of the MAPS trials due to what the anonymous donor sees as a lack of effective FDA-approved treatments for those suffering from PTSD.
/u/PineappleFund appeals to the cryptocurrency community to send Bitcoin or fiat payments as donations to MAPS:
“If you believe that psychedelic drugs can have incredible therapeutic potential, then I believe this is one of the highest impact projects today.”
The anonymous donor then concludes:
“I believe we, the cryptocurrency community, can fully fund Phase 3 trials. Prescription MDMA could be a gift to this world from the bitcoin community.”
FDA approval for these experimental therapies is expected by 2021, pending positive results of the Phase 3 trials.
Pineapple Fund already gave 59.89 bitcoin, with a value of $1 mln at the time of donation, to MAPS on December 14, 2017. According to the Fund’s website, so far approximately $20 mln has been donated to 23 organizations, including the Internet Archive, a NGO financing universal health care, and a philanthropic blockchain technology company.
Pineapple Fund is not the only Bitcoin-only charity: BitHope, a Bulgarian-based NGO, exclusively accepts cryptocurrency to fund crowdsourced campaigns on its site. Other Bitcoin-based charities include BitGive and CommonCollection.