Google-Backed Guaranteed Income Pilot Set to Launch with $2.7M Giveaway: Impact on Bitcoin (BTC) and Crypto Market

• Google’s charitable arm, Google.org, is backing a new multi-million dollar guaranteed income project aimed at helping struggling families in San Francisco.
• The pilot program, named “It All Adds Up,” will distribute a total of $2.7 million to 225 families over a period of five years.
• Each family will receive $1,000 per month for one year, with an additional 225 families acting as a control group, receiving $50 per month for a year.

Google.org, the philanthropic arm of tech giant Google, is investing in a guaranteed income project in San Francisco, aiming to provide financial relief to struggling families.

Google.org’s Philanthropic Initiative

Google.org is funding a pilot program called “It All Adds Up,” which will provide a total of $2.7 million to 225 families in San Francisco who are grappling with homelessness. The program is set to run for five years, with each family receiving $1,000 per month for one year. The initiative is designed to help families meet basic needs and potentially lift themselves out of poverty.

Details of the “It All Adds Up” Program

The program will also include a control group of an additional 225 families, who will receive $50 per month for a year. Eligibility for the program is open to families who have previously used the Compass Family Services or Hamilton Families housing programs. Participants will have the freedom to use the money as they see fit, and the program’s outcomes will be tracked through administrative data and survey information. The Abdul Latif Jameel Poverty Action Lab is also backing the program alongside Google.org.

Conclusion

This initiative by Google.org signifies a growing trend among tech companies to invest in social impact projects. The “It All Adds Up” program could potentially provide valuable insights into the effectiveness of guaranteed income schemes in addressing poverty and homelessness. It remains to be seen how this project will influence future philanthropic efforts in the tech industry.