Jack Dorsey, boss and founder of Twitter, and Jay-Z, rapper and businessman, are launching BTrust, a new fund dedicated to the development of Bitcoin in India and Africa. The two men provided the initial contribution: 500 BTC, or the equivalent of 23 million euros. Jack Dorsey is now looking for three people to sit on the Board of Directors. To your applications.
–
BTrust. Here is the name of the new fund dedicated to the development of Bitcoin launched by Jay-Z and Jack Dorsey, boss and founder of Twitter, this Friday, February 11, 2021. The mission of this organization will be to help the democratization of BTC in Africa and India . The two billionaires provided an initial contribution of 500 Bitcoins, or the equivalent of 23 million euros.
As Jack Dorsey points out, he and Jay-Z will have no say in the work of the fund’s teams, and they both provide “have a blind and irrevocable trust ”. For now, it is not known what the actions of BTrust will consist of. On the other hand and if you feel the shoulders, Twitter founder is currently looking for three candidates to serve on BTrust’s board of directors.
Read also: Mastercard will accept cryptocurrency payments by the end of 2021
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: https://t.co/L4mRBryMJe
– jack (@jack) February 12, 2021
–
It should be noted that the announcement of the launch of BTrust falls rather badly, at a time when India wants to take legislative measures to ban cryptocurrencies on its territory. The Indian authorities want to promote their own virtual currency, a digital rupee managed by the country’s central bank. However, this project is unlikely to succeed, the Supreme Court having rebutted a similar initiative in March 2020.
Conversely, several African countries like Nigeria are experiencing an unprecedented expansion of Bitcoin. Nigeria, for example, records more than $ 500 million in cryptocurrency exchanges. Virtual currencies are considered to be an effective means of protecting one’s capital against the devaluation of local currencies.
As a reminder, the price of Bitcoin has exploded since the start of 2021, and has exceeded $ 45,000 for a BTC. Recent statements from several companies have favored the development of the queen of cryptocurrencies. Paypal has announced that it will be possible to pay in Bitcoin and three other cryptocurrencies from 2021. For its part, Tesla bought 1.5 billion Bitcoin and confirmed the acceptance of BTC as a means of payment.
Source : TechCrunch
–
