Blogs & Articles: Jack Dorsey Commits $21 Million to Bitcoin Development Efforts 🔗 18 weeks ago

Jack Dorsey, co-founder of Twitter (now X), donated $21 million to OpenSats, a non-profit organization, through his #startsmall initiative. 

21m https://t.co/rrra2TC1xX https://t.co/Zww3WMFKUn

— jack (@jack) May 4, 2024

This donation is part of his broader support for Bitcoin and decentralized social media, viewing Bitcoin as integral to the internet.

The allocation of the $21 million donation includes $15 million for the General Fund, $5 million for The Nostr Fund, and $1 million for operational expenses. 

These funds are intended to support ongoing and new projects within the Bitcoin ecosystem and related technologies.

OpenSats has used these funds to further initiatives aimed at fostering an open-source software environment that supports user rights and freedoms.

The organization also emphasizes the need for infrastructure that prevents the rise of digital authoritarianism.

Additionally, OpenSats has added new members to its committee and board to oversee and assess future projects. 

These strategic steps are part of OpenSats' ongoing effort to support a variety of roles in the open-source community, including software developers, designers, and educators.

Dorsey's donation also earmarks funds for a legal defense for Bitcoin developers, which aligns with his ongoing support for the Bitcoin community.

Overall, this substantial donation by Dorsey is expected to influence the development of Bitcoin and its establishment as a technological standard, aligning with his vision of a more decentralized internet.