Is Bitcoin and Cryptocurrency Really the Future? All billionaires think so. On Friday, Twitter and Square CEO Jack Dorsey announced that he and rapper Jay-Z have taken part of their net worth to create an endowment to fund bitcoin development in Africa and India. Read on to learn all about their hefty investment.
So how much are Jack Dorsey and Jay-Z using their net worth to fund this new business venture? According to TechCrunch, the duo is deploying 500 bitcoin to fund the new bitcoin development, which is currently worth $ 23.6 million.
This may be an overwhelming amount for most of us, but it seems like a pretty safe one investment for the billionaire businessmen duo. According to ForbesJay-Z has an impressive net worth of $ 1 billion, which is a pretty rare achievement for a figure in the entertainment industry. CNBC reported that Jack Dorsey has also built a huge fortune for himself with a net worth of $ 4.9 billion.
The 500 bitcoin that is invested will be placed in a donation called ₿trust. CrunchTech announced that Dorsey said the fund will be built as a blind irrevocable trust, and that neither Jack Dorsey nor Jay-Z would provide any direction to the team. Trust is currently recruiting three board members, and the fund’s mission statement in the application says its goal is to “make bitcoin the Internet’s currency.”
Africa and India
Both Jack Dorsey and Jay-Z have taken some of their net worth to fund bitcoin’s development in Africa and India, but how open are these countries to the idea of this cryptocurrency?
TechCrunch announced that the Indian government was silent cautious in the idea of cryptocurrency so far, and that announcement from Dorsey on Friday actually came at a time when New Delhi was just getting closer to enacting a law that would ban private cryptocurrencies across the country.
Varun Deshpande, co-founder of OnJuno, a digital banking platform from India made for Asian Americans, explained TechCrunch that “Even though India is the software development capital of the world, we have not contributed in any significant way to the development of bitcoin core. India always had the skills to contribute, but lacked the right incentives ”.
Today’s initiative is even more important because it provides the right incentives for developers of the world’s largest democracy to contribute and control bitcoin’s protocol development and bring a diversity of thoughts to shaping the future of money. The irony is that as India prepares a bill to ban bitcoin in India, the world is turning to our vast technical talent in India to secure and secure the bitcoin network
As for Africa, TechCrunch analyzed that Nigeria has seen a surge in cryptocurrency transactions in recent years and that “Nigerians traded more than $ 400 million worth of cryptocurrency last year” and that “the country is second to the US in terms of volume of bitcoin. traded in the last five years ”.
TechCrunch reported that cryptocurrency transactions were used significantly by Africans because “they provide protection against currency devaluation and for value exchange during cross-border transactions”. Bitcoin trading gained popularity due to the #EndSARS protests as charity donations poured in from all parts of the country and it became a lifeline as the government closed bank accounts.
It seems that Jack Dorsey is hopeful that this investment will be great for his net worth in the long run as he has long been a proponent of the move to cryptocurrency. CrunchTech reported that Square acquired about $ 50 million worth of bitcoin for corporate treasury last year, and Twitter is currently investigating the potential use of paid employees with bitcoin.
What do you think? Are Bitcoin and Other Cryptocurrencies Really the Future? Let us know in the comments.