Back in July, billionaire moguls Jay-Z (a rapper and businessman) and Jack Dorsey (the former CEO of Twitter) put their heads together to establish what they’re calling the Bitcoin Academy.
Jay-Z Is Pushing Bitcoin Further
The goal was to help all residents of the Marcy Houses in New York – where Jay-Z allegedly grew up – and grant them financial independence through bitcoin and blockchain education. Not long ago, it was reported that both the rapper and his social media counterpart airdropped as much as $1,000 in BTC into the digital wallets of all Marcy House participants of the Academy.
The money was provided through self-custodial wallets such as Cash App and Munn Wallet. The agenda of the Bitcoin Academy is to provide courses and additional educational seminars and materials to help all applicants and attendees understand the growing world of blockchain.
By realizing what blockchain and crypto are capable of, they can begin to invest and garner the information they need to keep themselves financially stable and not have to rely on outside sources such as banks to attain the services and funds they need to establish long-term wealth.
Gloria Carter – the mother of Jay-Z – is the person tasked with running the Shawn Carter Foundation, which is the non-profit founded by the rapper through which the Bitcoin Academy was established. In a recent statement, she talked about how successful the program has been. She commented:
Marcy residents showed up. The over 350 people who attended The Bitcoin Academy classes let us know that this education is important to them and that it matters… I’m so grateful to the community that came together to make this happen and especially to all the class participants who are now more empowered to make their own financial decisions with greater knowledge. Knowledge is power. It’s now up to everyone who participated to empower and prepare the next generation.
Despite what may be noble intentions, both Jay-Z and Dorsey have received quite a bit of backlash for starting a program that many on social media felt was not going to do the job they said it would. They claimed that giving impoverished people like those living in the Marcy Houses access to bitcoin before providing them with proper food, shelter, and the like was a huge mistake.
They had issues with the fact that bitcoin is now considered a crashing and failing asset, and thus it wouldn’t help those taking part in the Academy the way it probably should. One user on Twitter who simply went by the name “Gabby” wrote:
The way bitcoin fluctuates… I am just having a really hard time seeing the point in this.
Establishing Long-Term Thinking
Dorsey defending the Academy by writing:
Education is where we start. This isn’t just about bitcoin… It’s about long-term thinking, local economies, and self-confidence.