Jay-Z And Twitter CEO Jack Dorsey Invest Nearly $24 Million To Fund Bitcoin
Jay-Z and Twitter CEO Jack Dorsey are pledging $23.3 million to help bitcoin to develop. The goal of the investment is to make it the currency of the internet.
Bitcoin has increased in worth over the last year, and many have seen it rising value as a reflection of waning trust in traditional financial systems. While some would expect the cryptocurrency to depreciate, the likes of Elon Musk have shown support by investing large amounts in the currency. Jay-Z and Dorsey are now following suit and investing in the future of the currency.
They have collectively pledged 500 bitcoin (around $23.3 million) toward ₿trust, and intend to attract three board members to raise the profile and validity of bitcoin.
The new endowment will focus on teams in India and Africa. Interestingly, Africa has already made a great use case for bitcoin and many nations frequently use it. Nigeria uses bitcoin transactions at a volume that is only second to the US over the last five years, according to TechCrunch. The cryptocurrency has allowed people to make cross-border transactions cheaper and avoid government control.
However, government control may hinder the plans for the endowment in India. Bloomberg reported that the country has announced that it will completely ban cryptocurrencies after giving investors a transition period to liquidate their investments. While this seems problematic, there has been relatively little information given about the nature of the investment and the investors may have an idea of how to overcome the issue.
Varun Deshpande, the co-founder of OnJuno, which is building a digital banking platform from India for Asian Americans, explained the situation in India to TechCrunch:
India always had the skills to contribute but lacked the right incentives. Today’s initiative is even more significant since it provides the right incentives for developers from the world’s largest democracy to contribute and have a say in bitcoin’s protocol development and bring in a diversity of thoughts in shaping the future of money.
The irony is as India prepares a bill to ban bitcoin in India, the world is turning to our massive technical talent in India to secure and safeguard the bitcoin network.
Twitter CEO Jack Dorsey has long been a supporter of digital currency, so it’s no surprise he’s investing further in the digital currency. However, some will be surprised by the involvement of Jay-Z.
In terms of what exactly the three board members will do, it is still unclear. Nonetheless, those who get the positions will have recognisable backers in a growing market.
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