Jack Dorsey’s #startsmall organization recently pledged $5 million to Bitcoin development nonprofit, Brink, over the next five years. The donation aims to support Brink’s efforts in funding Bitcoin developers and ensuring the sustainability of Bitcoin’s core codebase. Brink offers developer grants, mentorship programs, and funding opportunities to support Bitcoin and Bitcoin-adjacent developers and aims to decentralize Bitcoin’s protocol development.
The funding injection will enable Brink to attract more talent, further educate developers, and expand its programs. This demonstrates the commitment of #startsmall to open-source initiatives and highlights the growing importance of Bitcoin and its underlying technology.
Meanwhile, MicroStrategy’s Executive Chairman, Michael Saylor, believes that the regulatory pressure from the US SEC could increase Bitcoin’s dominance above other digital assets and boost its price. He expects most digital currencies to be declared as securities, while BTC and a handful of other assets could remain as commodities. Saylor predicts that altcoins will be delisted from exchanges, while Bitcoin’s market share dominance could spike to 80%.
On the other hand, Bitcoin sentiment on social media has turned the most negative since the COVID-19 crash, suggesting that a bottom could be near. The weighted sentiment metric from on-chain analytics firm Santiment, which hints at general sentiment among cryptocurrency investors, shows a recent decline in sentiment score that has sparked concerns. Historically, Bitcoin has tended to move contrary to the crowd’s expectations, with the probability of this increase the more investors lean towards one particular side.
Despite the current market sentiment, Bitcoin’s technological advancements and the support it receives from organizations like #startsmall and Brink demonstrate a long-term commitment to its growth and development. As such, Bitcoin remains an increasingly important asset that investors should consider adding to their portfolios.
