Jay-Z And Twitter CEO Jack Dorsey Create $24M Bitcoin Fund For India And African Countries!
Jay-Z And Twitter CEO Jack Dorsey Create $24M Bitcoin Fund For India And African Countries! Rapper and entrepreneur Jay-Z and Jack Dorsey, the CEO of Twitter and Square, have joined hands to establish a new bitcoin fund for the adoption of Bitcoin in India and nations in Africa. According to a tweet from Dorsey, the moguls have invested 500 Bitcoin worth about $24 million into the project.
According to Dorsey, the duo intends to make Bitcoin “the internet’s currency”.
“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start,” tweeted Dorsey.
Dorsey said he and Jay-Z will not be involved as far as running of the trust is concerned . He said the trust will be established as a blind irrevocable trust, “taking zero direction from us”. The duo is seeking three board members to oversee the fund.
The new Bitcoin fund comes amid a move by India’s government to ban Bitcoin and other private cryptocurrencies to allow its central bank to develop its own digital currency.
The world seems to be shifting towards Bitcoin as some corporations have recently invested in Bitcoin. Last week, Elon Musk’s Tesla, acquired $1.5 billion in Bitcoin consequently boosting its value. The company announced that it would begin accepting the cryptocurrency as payment for its electric vehicles.
According to CNN, the news of Tesla’s large investment in Bitcoin has created a huge boost in confidence in cryptocurrency.
Mastercard has also announced plans to start supporting “select cryptocurrencies” on its network beginning this year.
“As more and more companies start accepting bitcoin, this will only lead to further increases in demand in a market which is limited in supply,” wrote Fawad Razaqzada, an analyst at ThinkMarkets, in a note to clients, CNN reports.
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