Since late August, the Nakamoto Project, a nonprofit founded in 2023 in Sheridan, Wyoming, has been running pro-bitcoin advertisements in the Wall Street Journal. This twelve-week campaign includes six full-page and twenty-four quarter-page ads, with an estimated cost of approximately $2.17 million based on the newspaper’s advertising rate card. However, the source of funding raises questions: in 2023, the organization reported only $275,000 in contributions from a single source, and more than 88% of its expenses went toward executive compensation and contract labor. Colin Brown, the organization’s president, did not respond to questions about the source of funds, citing only the generosity of ‘Bitcoiners’ without providing details.
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