Dorsey has recently pledged funding to Brink, a Web 3.0 hub that supports BTC Devs.
Bitcoin’s (BTC) price has dropped below $25,000 in the previous 24 hours.
Jack Dorsey, the co-founder of Twitter, is a staunch advocate for the advancement of the Bitcoin (BTC) protocol. And he has recently pledged funding to Brink, a Web 3.0 hub that provides support to the Bitcoin network’s developers.
According to the blockchain firm, Jack Dorsey has pledged a total of $5,000,000. Here is the breakdown of when each cash sum will be given out: 5 years at $1,000,000/year, totaling $5,000,000. CashApp is a payments company that supports Bitcoin trading, and Jack Dorsey is its co-founder and inspirational CEO. He is also a co-founder of Twitter.
Strong Bitcoin Supporter
Jack Dorsey is well-recognized as a prominent proponent of Bitcoin’s open-source future. The IT tycoon spent millions over the course of many years to promote the widespread adoption of the most prominent cryptocurrency.
In a 2021 interview with CNBC, Jack Dorsey summed up his various obligations by saying, “There is nothing more important in my lifetime to work on.”
Bitcoin, as a cryptocurrency, is very unstable in a market that is murky and ever-shifting. Despite Block’s diversified business focus as a payment provider, shares have been volatile owing to the company’s adoption of Bitcoin and Jack Dorsey’s engagement in the cryptocurrency ecosystem. Even if cryptocurrencies are not the company’s core product, it is nonetheless subject to market sentiment.
Following Jerome Powell’s statement that interest rates would be held unchanged, the cryptocurrency market, led by Bitcoin, has witnessed a sharp decline in the hours since. Bitcoin’s (BTC) price has dropped below $25,000 in the previous 24 hours, a loss of approximately 3.5%.
Similarly, the total value of the cryptocurrency market has fallen by about $40 billion and is poised to go below the $1 trillion barrier. The current strong support level for Bitcoin (BTC) is around $25,000. If prices go below this level, they may fall to $23,500 and below. The share price has dropped below this support and is now trading at $24, 866 as per CMC.