Former Twitter head and current chief executive of Block Jack Dorsey has pledged a $10 million donation to a non-profit called Open Sats. The money is slated to be fully, 100 percent put towards a bitcoin-focused social media network.
Jack Dorsey Gives a Lot of Money to Open Sats
Dorsey has long been a bitcoin and crypto advocate. He stated five years ago that he was convinced bitcoin would become the sole currency of the world, and that all other fiat currencies – like the euro, the yen, the U.S. dollar, etc. – would be wiped out. He also (prior to the COVID pandemic) pledged to spend three to six months touring Africa to try and get its people to adopt the ways of bitcoin and blockchain so they could benefit financially and otherwise.
Open Sats is based in the city of Raleigh, North Carolina. The company received its non-profit status back in the year 2021 per data site Charity Navigator. Interestingly, the company started out with less than $200K to its name, though this sudden donation from Dorsey is likely to make a huge change for both the company and whatever projects it has on its roster.
In a recent statement, the company made it clear that bitcoin – and assets like it – are aligned with its primary values. The statement read as follows:
We believe that free software and open protocols are necessary for a free and prosperous society. Without software that protects the individual user’s rights and freedoms, and without digital infrastructure that is open to all, modern society risks slipping further into digital totalitarianism.
The company’s website says its primary objective is to “support and maintain a sustainable ecosystem of funding for free and open-source projects and contributors, especially bitcoin-related projects and projects which help bitcoin flourish.”
The company’s statement continued with:
Open Sats will fund software developers, but also designers, reviewers, researchers, educators, and others who support these free and open-source tools.
Defending Bitcoin in the Long-Term
Not long ago, Dorsey came to the aid of several developers who had previously worked for Australian computer scientist Craig Wright. The former social media executive created a defense fund for the developers after they were named as defendants in a lawsuit filed by their former boss, who over the course of several years, has stuck to the notion that he is Satoshi Nakamoto, the legendary (and pseudonymous) creator of BTC, the world’s number one digital currency by market cap.
While the identity matter is still up for debate, Dorsey claimed that if Wright gets his way in the upcoming lawsuit, the open-source nature of bitcoin will be put on the line. His goal is to ensure that bitcoin always remains open source so developers can continue to learn from it and benefit from its technology.