Charity Group Pineapple Fund Donates $5 Million Worth of Bitcoin to Basic Income Experiment Project in Kenya
The Bitcoin charity group Pineapple Fund has committed $5 million worth of bitcoins to the organization GiveDirectly, which is conducting a basic income experiment project in several villages in rural Kenya.
The organization will split the donation between its core model of providing lump-sum cash transfers and its 12-year basic income experiment.
In its announcement at Reddit, the Pineapple Fund said that the money will be used by GiveDirectly as a ‘seed capital for the poor.’
GiveDirectly has started its full basic income experiment in mid-November 2017. Under the project, all the 120 enrolled villages in Kenya will receive a basic income. Households in 80 villages will get $22 per month for 12 years, while the remaining 40 will receive the same amount for two years.
The organization has also selected 100 villages as the control group and will receive nothing. Before launching the full basic income experiment, GiveDirectly was already conducting a pilot study in just one village for 13 months. Based on a recent visit by Business Insider on the pilot village, the results of the project are very promising.
According to one of the villagers, 30-year-old day laborer Edwin Odongo Anyango, the money given to them creates hope and if it will be given to everybody, it would be a very good thing.
“If this money were to be given to everybody, this would be a very good thing. What this money does is it creates hope. And when people have hope, they are happy.”
Under the project, the people can spend the money provided to them to pay for such things as food, home repairs, school fees, and business investments.