Rapper Jay-Z – along with Square and Twitter CEO Jack Dorsey – are working together to bring more public awareness to bitcoin. The two have partnered up to create a new fund dedicated to the world’s leading digital currency by market cap.
Jack Dorsey and Jay-Z Are Working Towards a World of BTC
As part of the project, each figure is giving approximately 500 bitcoin units to a new endowment that’s being called “Btrust.” The money will be used to establish new blockchain firms in both Africa and India. The former region has long been a growing cryptocurrency hub, while India has had a love-hate relationship with the cryptocurrency for many years.
Following the reversal of a bitcoin business ban, the country now says it’s looking into potentially halting all crypto activity in the future, though now a new bill has been drafted that would only limit privacy coins and establish a centralized digital asset through the nation’s Reserve Bank.
At the time of writing, 500 BTC is worth approximately $23.6 million. In an interview, Dorsey said:
It’ll be set up as a blind irrevocable trust, taking zero direction from us. We need three board members to start.
An endowment is often the organization of money designed for non-profit companies. These businesses can utilize the funds for whatever purpose they deem necessary from providing humanitarian aid to hiring new staff members.
Dorsey has clearly established himself as a bitcoin fan in recent years. For one thing, he claimed in 2018 that the asset would soon serve as the world’s primary currency and that all other coins and fiat would ultimately be phased out. Recently, he was caught running a bitcoin node on his computer, suggesting he’s now serving as a validator of transactions, and his payment firm Square was one of the first major institutions to openly invest in BTC, having purchased roughly $50 million worth of the asset last fall.
The Currency of the Internet?
In mid-January, Dorsey tweeted:
The reason I have so much passion for bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be. We are… funding an initiative around an open decentralized standard for social media. Our goal is to be a client of that standard for the public conversation layer of the internet.
On social media, Dorsey has also posted a new Google doc that people can fill out granted they’re interested in potentially serving as a board member for the fund. Applicants will be required to provide contact information and data proving that they are presently employed. Dorsey has also commented that the purpose of the fund will be to make “bitcoin the internet’s currency.”