The Maelstrom Fund, spearheaded by BitMEX co-founder Arthur Hayes, has unveiled a grant program to bolster Bitcoin BTC/USD development.
What Happened: The Bitcoin Grant Program promises to provide annual funding ranging from $50,000 to $150,000 per developer, capping at $250,000 per annum, as reported by Decrypt. The Maelstrom Fund’s objective is to augment Bitcoin’s “resilience, scalability, censorship resistance, and privacy characteristics” through this initiative.
“As loyal followers of Lord Satoshi, we are doing our part to spread the word,” Arthur Hayes, Maelstrom’s chief investment officer, stated while introducing the grant program..
The grants will be disbursed over 12-month periods, with monthly payments made in BTC, USD Coin USDC/USD, or Tether USDT/USD. The grantees are required to contribute to Bitcoin’s technical development, possibly through pull requests or code reviews for the Bitcoin Core software project.
Why It Matters: This grant program aligns with Hayes’ vision for Bitcoin and could further stimulate its development and adoption. Earlier this month, he argued that Bitcoin is a superior safe-haven asset compared to gold, citing its technological advantages.
In May, Hayes predicted a bullish outlook for the cryptocurrency market, driven by factors such as the upcoming U.S. presidential election and continued expansion of the monetary base. He suggested that major economies would print even more money in the next 18 to 24 months.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,896.73, down 1.36% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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